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Zodiac Clothing fiscal Q4 loss widens YOY

Zodiac Clothing Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 1.37 Indian rupees per share, compared with a loss of 12 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 26.9 million rupees, compared with a loss of 2.2 million rupees in the prior-year period.

The normalized profit margin declined to negative 2.6% from negative 0.2% in the year-earlier period.

Total revenue declined 12.9% on an annual basis to 1.04 billion rupees from 1.20 billion rupees, and total operating expenses fell 13.2% year over year to 1.04 billion rupees from 1.19 billion rupees.

Reported net income totaled a loss of 28.3 million rupees, or a loss of 1.44 rupees per share, compared to income of 16.7 million rupees, or 85 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2.79 rupees per share, compared with 3.26 rupees per share in the prior year.

Normalized net income was a loss of 54.4 million rupees, compared with income of 63.6 million rupees in the prior year.

Full-year total revenue fell 10.6% year over year to 3.52 billion rupees from 3.94 billion rupees, and total operating expenses decreased 7.2% on an annual basis to 3.57 billion rupees from 3.84 billion rupees.

The company said reported net income totaled a loss of 82.2 million rupees, or a loss of 4.21 rupees per share, in the full year, compared with income of 90.3 million rupees, or 4.63 rupees per share, the prior year.

As of Aug. 22, US$1 was equivalent to 67.18 Indian rupees.