Sovereign Diamonds Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 79 Indian paise per share, a decrease of 5.5% from 83 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 4.6 million rupees, a decline of 5.0% from 4.8 million rupees in the year-earlier period.
The normalized profit margin fell to 2.9% from 4.1% in the year-earlier period.
Total revenue climbed 33.3% on an annual basis to 156.1 million rupees from 117.1 million rupees, and total operating expenses rose 36.4% from the prior-year period to 143.5 million rupees from 105.2 million rupees.
Reported net income decreased 7.1% from the prior-year period to 4.9 million rupees, or 85 paise per share, from 5.3 million rupees, or 92 paise per share.
As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.
