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GTN Textiles swings to loss in fiscal Q3

GTN Textiles Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 61 Indian paise per share, compared with 93 paise 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 7.1 million rupees, compared with income of 10.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.3% from 1.6% in the year-earlier period.

Total revenue fell 21.9% on an annual basis to 544.6 million rupees from 697.4 million rupees, and total operating expenses decreased 19.1% on an annual basis to 525.2 million rupees from 649.5 million rupees.

Reported net income totaled a loss of 11.2 million rupees, or a loss of 96 paise per share, compared to income of 9.7 million rupees, or 83 paise per share, in the year-earlier period.

As of Jan. 30, US$1 was equivalent to 62.01 Indian rupees.