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Diamond Estates Wines & Spirits swings to loss in fiscal Q3

Diamond Estates Wines & Spirits Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of C$179,290, compared with income of C$54,990 in the prior-year period.

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

The normalized profit margin fell to negative 2.3% from 0.7% in the year-earlier period.

Total revenue climbed 7.7% year over year to C$8.5 million from C$7.9 million, and total operating expenses climbed 5.4% from the prior-year period to C$8.2 million from C$7.8 million.

Reported net income came to a loss of C$207,470, or a loss of 0 cents per share, compared to a loss of C$623,920, or a loss of 1 cents per share, in the prior-year period.