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Neelamalai Agro Industries fiscal Q3 profit falls YOY

Neelamalai Agro Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 8.81 Indian rupees per share, a decrease of 51.6% from 18.19 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.5 million rupees, a decline of 51.5% from 11.4 million rupees in the prior-year period.

The normalized profit margin dropped to 5.9% from 11.9% in the year-earlier period.

Total revenue declined year over year to 94.0 million rupees from 96.1 million rupees, and total operating expenses climbed 14.7% from the prior-year period to 90.8 million rupees from 79.2 million rupees.

Reported net income declined 53.2% year over year to 7.1 million rupees, or 11.39 rupees per share, from 15.3 million rupees, or 24.32 rupees per share.

As of Jan. 28, US$1 was equivalent to 68.14 Indian rupees.