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Neo Corp International swings to loss in fiscal Q3

Neo Corp International Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 9.47 Indian rupees per share, compared with 2.50 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 395.6 million rupees, compared with income of 95.0 million rupees in the year-earlier period.

The normalized profit margin declined to negative 18.8% from 2.7% in the year-earlier period.

Total revenue fell 39.6% year over year to 2.10 billion rupees from 3.47 billion rupees, and total operating expenses fell 20.2% from the prior-year period to 2.53 billion rupees from 3.17 billion rupees.

Reported net income came to a loss of 579.2 million rupees, or a loss of 13.87 rupees per share, compared to income of 128.3 million rupees, or 3.37 rupees per share, in the year-earlier period.

As of Feb. 15, US$1 was equivalent to 68.14 Indian rupees.