Reliable Ventures India Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 22 Indian paise per share, a decline of 41.2% from 37 paise per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.4 million rupees, a decline of 41.9% from 4.0 million rupees in the prior-year period.
The normalized profit margin declined to 6.8% from 9.5% in the year-earlier period.
Total revenue fell 18.8% year over year to 34.6 million rupees from 42.7 million rupees, and total operating expenses decreased 13.6% on an annual basis to 31.8 million rupees from 36.8 million rupees.
Reported net income declined 50.6% on an annual basis to 2.7 million rupees, or 25 paise per share, from 5.5 million rupees, or 50 paise per share.
As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.
