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Hindoostan Mills swings to loss in fiscal Q3

Hindoostan Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 7.70 Indian rupees per share, compared with 1.73 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 12.8 million rupees, compared with income of 2.9 million rupees in the prior-year period.

The normalized profit margin fell to negative 3.8% from 0.8% in the year-earlier period.

Total revenue declined 8.6% year over year to 336.2 million rupees from 367.9 million rupees, and total operating expenses declined year over year to 353.6 million rupees from 364.4 million rupees.

Reported net income came to a loss of 16.3 million rupees, or a loss of 9.79 rupees per share, compared to income of 4.6 million rupees, or 2.76 rupees per share, in the prior-year period.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.