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Ledo Tea swings to loss in fiscal Q3

Ledo Tea Company Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 1.72 Indian rupees per share, compared with 1.98 rupees 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 1.5 million rupees, compared with income of 1.7 million rupees in the prior-year period.

The normalized profit margin fell to negative 7.4% from 4.9% in the year-earlier period.

Total revenue decreased 42.8% on an annual basis to 20.0 million rupees from 35.0 million rupees, and total operating expenses decreased 28.9% on an annual basis to 22.3 million rupees from 31.4 million rupees.

Reported net income totaled a loss of 2.4 million rupees, or a loss of 2.75 rupees per share, compared to income of 2.7 million rupees, or 3.16 rupees per share, in the year-earlier period.

As of Feb. 16, US$1 was equivalent to 62.15 Indian rupees.