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Neha International swings to loss in fiscal Q3

Neha International Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 2 Indian paise per share, compared with 16 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 a loss of 550,500 rupees, compared with income of 4.3 million rupees in the year-earlier period.

The normalized profit margin fell to negative 0.2% from 0.8% in the year-earlier period.

Total revenue fell 39.2% year over year to 320.9 million rupees from 527.6 million rupees, and total operating expenses declined 38.9% on an annual basis to 311.9 million rupees from 510.5 million rupees.

Reported net income came to a loss of 2.2 million rupees, or a loss of 8 paise per share, compared to income of 3.3 million rupees, or 12 paise per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.