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Gem Spinners India fiscal Q3 loss widens 45.8% YOY

Gem Spinners India Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 4 Indian paise per share, compared with a loss of 3 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 2.5 million rupees, compared with a loss of 1.7 million rupees in the year-earlier period.

The normalized profit margin declined to negative 10.7% from negative 3.9% in the year-earlier period.

Total revenue fell 46.1% year over year to 23.7 million rupees from 44.0 million rupees, and total operating expenses decreased 41.4% on an annual basis to 27.8 million rupees from 47.4 million rupees.

Reported net income came to a loss of 4.0 million rupees, or a loss of 7 paise per share, compared to a loss of 2.8 million rupees, or a loss of 5 paise per share, in the prior-year period.

As of March 10, US$1 was equivalent to 62.80 Indian rupees.