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Gorani Industries swings to loss in fiscal Q3

Gorani Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 30 Indian paise per share, compared with 4 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 a loss of 1.6 million rupees, compared with income of 237,500 rupees in the prior-year period.

The normalized profit margin declined to negative 10.6% from 1.2% in the year-earlier period.

Total revenue fell 24.1% on an annual basis to 15.5 million rupees from 20.5 million rupees, and total operating expenses declined 9.3% on an annual basis to 18.1 million rupees from 20.0 million rupees.

Reported net income came to a loss of 2.6 million rupees, or a loss of 48 paise per share, compared to income of 380,000 rupees, or 7 paise per share, in the prior-year period.

As of Feb. 2, US$1 was equivalent to 67.97 Indian rupees.