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Sambandam Spinning Mills fiscal Q3 loss narrows YOY

Sambandam Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 2.24 Indian rupees per share, compared with a loss of 5.84 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 9.5 million rupees, compared with a loss of 24.9 million rupees in the prior-year period.

The normalized profit margin rose to negative 2.0% from negative 4.3% in the year-earlier period.

Total revenue fell 19.1% on an annual basis to 468.3 million rupees from 578.5 million rupees, and total operating expenses declined 23.1% from the prior-year period to 456.8 million rupees from 593.7 million rupees.

Reported net income came to a loss of 14.7 million rupees, or a loss of 3.44 rupees per share, compared to a loss of 25.9 million rupees, or a loss of 6.06 rupees per share, in the year-earlier period.

As of Feb. 8, US$1 was equivalent to 68.00 Indian rupees.