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Jindal Cotex fiscal Q3 loss widens YOY

Jindal Cotex Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 3.78 Indian rupees per share, compared with a loss of 85 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 169.3 million rupees, compared with a loss of 38.3 million rupees in the prior-year period.

The normalized profit margin dropped to negative 60.8% from negative 4.5% in the year-earlier period.

Total revenue declined 67.5% on an annual basis to 278.5 million rupees from 857.1 million rupees, and total operating expenses decreased 48.0% year over year to 469.1 million rupees from 902.4 million rupees.

Reported net income totaled a loss of 285.1 million rupees, or a loss of 6.36 rupees per share, compared to a loss of 105.0 million rupees, or a loss of 2.33 rupees per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.