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AK Spintex fiscal Q3 profit climbs YOY

A.K. Spintex Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 93 Indian paise per share, an increase from 26 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 4.7 million rupees, a gain from 2.0 million rupees in the prior-year period.

The normalized profit margin increased to 3.6% from 2.1% in the year-earlier period.

Total revenue increased 34.9% on an annual basis to 129.4 million rupees from 95.9 million rupees, and total operating expenses increased 33.6% on an annual basis to 119.1 million rupees from 89.1 million rupees.

Reported net income increased year over year to 5.9 million rupees, or 1.18 rupees per share, from 2.2 million rupees, or 28 paise per share.

As of Feb. 10, US$1 was equivalent to 67.87 Indian rupees.