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Indian Acrylics swings to loss in fiscal Q3

Indian Acrylics Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 37 Indian paise per share, compared with 5 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 a loss of 50.3 million rupees, compared with income of 6.6 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 3.4% from 0.4% in the year-earlier period.

Total revenue declined 18.5% on an annual basis to 1.49 billion rupees from 1.83 billion rupees, and total operating expenses fell 12.3% from the prior-year period to 1.56 billion rupees from 1.78 billion rupees.

Reported net income came to a loss of 80.8 million rupees, or a loss of 60 paise per share, compared to income of 10.5 million rupees, or 8 paise per share, in the prior-year period.

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