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SBEC Sugar fiscal Q3 loss widens 34.9% YOY

SBEC Sugar Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 2.52 Indian rupees per share, compared with a loss of 1.87 rupees 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 120.1 million rupees, compared with a loss of 89.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 11.6% from negative 11.3% in the year-earlier period.

Total revenue rose 30.5% year over year to 1.03 billion rupees from 790.5 million rupees, and total operating expenses climbed 34.8% on an annual basis to 1.20 billion rupees from 893.8 million rupees.

Reported net income came to a loss of 193.6 million rupees, or a loss of 4.06 rupees per share, compared to a loss of 144.5 million rupees, or a loss of 3.03 rupees per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.