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Polygenta Technologies fiscal Q3 loss narrows YOY

Polygenta Technologies Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 69 Indian paise per share, compared with a loss of 1.06 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 98.3 million rupees, compared with a loss of 129.6 million rupees in the year-earlier period.

The normalized profit margin fell to negative 98.7% from negative 73.3% in the year-earlier period.

Total revenue decreased 43.7% year over year to 99.5 million rupees from 176.9 million rupees, and total operating expenses fell 31.6% on an annual basis to 240.9 million rupees from 352.0 million rupees.

Reported net income came to a loss of 157.2 million rupees, or a loss of 1.10 rupees per share, compared to a loss of 207.4 million rupees, or a loss of 1.69 rupees per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.