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Tai Industries fiscal Q3 profit falls YOY

Tai Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 14 Indian paise per share, a decrease of 20.6% from 18 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 818,750 rupees, a decrease of 22.8% from 1.1 million rupees in the prior-year period.

The normalized profit margin declined to 0.7% from 0.9% in the year-earlier period.

Total revenue decreased 8.6% on an annual basis to 111.7 million rupees from 122.2 million rupees, and total operating expenses fell 9.9% year over year to 118.0 million rupees from 131.0 million rupees.

Reported net income decreased 37.4% on an annual basis to 1.1 million rupees, or 18 paise per share, from 1.7 million rupees, or 28 paise per share.

As of Feb. 5, US$1 was equivalent to 61.74 Indian rupees.