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Rasoya Proteins swings to loss in fiscal Q3

Rasoya Proteins Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 28 Indian paise per share, compared with 1 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 476.8 million rupees, compared with income of 21.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 245.8% from 1.2% in the year-earlier period.

Total revenue fell 89.1% year over year to 194.0 million rupees from 1.78 billion rupees, and total operating expenses decreased 40.9% from the prior-year period to 947.5 million rupees from 1.60 billion rupees.

Reported net income came to a loss of 1.33 billion rupees, or a loss of 78 paise per share, compared to income of 34.1 million rupees, or 2 paise per share, in the year-earlier period.

As of Feb. 3, US$1 was equivalent to 68.01 Indian rupees.