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Rane Engine Valve fiscal Q3 loss widens YOY

Rane Engine Valve Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 5.86 Indian rupees per share, compared with a loss of 52 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 30.2 million rupees, compared with a loss of 2.7 million rupees in the year-earlier period.

The normalized profit margin fell to negative 5.1% from negative 0.4% in the year-earlier period.

Total revenue decreased 7.0% year over year to 587.8 million rupees from 632.4 million rupees, and total operating expenses totaled 599.8 million rupees, compared with 601.7 million rupees in the year-earlier period.

Reported net income came to a loss of 31.9 million rupees, or a loss of 6.19 rupees per share, compared to a loss of 2.8 million rupees, or a loss of 55 paise per share, in the year-earlier period.

As of Jan. 21, US$1 was equivalent to 61.50 Indian rupees.