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Spice Islands Apparels swings to loss in fiscal Q3

Spice Islands Apparels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 2.2 million rupees, compared with income of 1.8 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 4.9% from 3.2% in the year-earlier period.

Total revenue fell 22.3% on an annual basis to 44.5 million rupees from 57.2 million rupees, and total operating expenses fell 26.5% year over year to 50.9 million rupees from 69.3 million rupees.

Reported net income came to a loss of 3.5 million rupees, compared with income of 2.0 million rupees, or 47 paise per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.