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Reliable Ventures India fiscal Q3 profit falls YOY

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.