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GRM Overseas swings to loss in fiscal Q3

GRM Overseas Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 3.10 Indian rupees per share, compared with 2.76 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.4 million rupees, compared with income of 10.2 million rupees in the prior-year period.

The normalized profit margin declined to negative 1.2% from 0.5% in the year-earlier period.

Total revenue decreased 51.2% on an annual basis to 935.5 million rupees from 1.92 billion rupees, and total operating expenses decreased 49.7% year over year to 946.9 million rupees from 1.88 billion rupees.

Reported net income totaled a loss of 12.3 million rupees, or a loss of 3.32 rupees per share, compared to income of 11.0 million rupees, or 2.98 rupees per share, in the year-earlier period.

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