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ANG Industries fiscal Q3 loss narrows YOY

ANG Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 2.5 million rupees, compared with a loss of 18.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 0.7% from negative 4.9% in the year-earlier period.

Total revenue declined 6.1% on an annual basis to 343.0 million rupees from 365.3 million rupees, and total operating expenses declined 11.9% from the prior-year period to 305.8 million rupees from 347.0 million rupees.

Reported net income totaled a loss of 4.0 million rupees, compared with a loss of 28.9 million rupees in the year-earlier period.

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