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Aarvee Denims & Exports swings to loss in fiscal Q3

Aarvee Denims and Exports Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 19 Indian paise per share, compared with 12 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 a loss of 4.6 million rupees, compared with income of 2.9 million rupees in the prior-year period.

The normalized profit margin dropped to negative 0.3% from 0.2% in the year-earlier period.

Total revenue grew 14.0% year over year to 1.70 billion rupees from 1.49 billion rupees, and total operating expenses grew 16.5% from the prior-year period to 1.62 billion rupees from 1.39 billion rupees.

Reported net income came to a loss of 7.3 million rupees, or a loss of 31 paise per share, compared to income of 9.3 million rupees, or 40 paise per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.