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Ginni Filaments fiscal Q3 profit falls YOY

Ginni Filaments Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 2 Indian paise per share, a decrease of 92.4% from 31 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.4 million rupees, a decrease of 89.8% from 23.3 million rupees in the prior-year period.

The normalized profit margin dropped to 0.1% from 1.2% in the year-earlier period.

Total revenue fell year over year to 1.88 billion rupees from 1.97 billion rupees, and total operating expenses decreased from the prior-year period to 1.80 billion rupees from 1.82 billion rupees.

Reported net income declined 82.0% from the prior-year period to 4.1 million rupees, or 4 paise per share, from 22.9 million rupees, or 30 paise per share.

As of Feb. 9, US$1 was equivalent to 67.92 Indian rupees.