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Grob Tea fiscal Q4 loss widens 40.8% YOY

Grob Tea Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 48.82 Indian rupees per share, compared with a loss of 34.68 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 56.7 million rupees, compared with a loss of 40.3 million rupees in the year-earlier period.

The normalized profit margin fell to negative 30.5% from negative 26.6% in the year-earlier period.

Total revenue grew 22.7% year over year to 186.3 million rupees from 151.8 million rupees, and total operating expenses rose 24.2% from the prior-year period to 273.6 million rupees from 220.2 million rupees.

Reported net income came to a loss of 91.8 million rupees, or a loss of 78.98 rupees per share, compared to a loss of 70.7 million rupees, or a loss of 60.85 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 5.69 rupees per share, a fall of 76.2% from 23.89 rupees per share in the prior year.

Normalized net income was 6.6 million rupees, a decrease of 76.2% from 27.8 million rupees in the prior year.

Full-year total revenue rose on an annual basis to 608.9 million rupees from 602.3 million rupees, and total operating expenses rose 6.0% year over year to 600.5 million rupees from 566.5 million rupees.

The company said reported net income fell 74.9% year over year to 9.6 million rupees, or 8.24 rupees per share, in the full year, from 38.2 million rupees, or 32.87 rupees per share.

As of May 28, US$1 was equivalent to 63.83 Indian rupees.