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Suryalata Spinning Mills fiscal Q4 profit climbs YOY

Suryalata Spinning Mills Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 6.32 Indian rupees per share, a gain from 6.09 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.0 million rupees, an increase from 26.0 million rupees in the prior-year period.

The normalized profit margin climbed to 3.0% from 2.7% in the year-earlier period.

Total revenue decreased 9.2% year over year to 888.6 million rupees from 978.3 million rupees, and total operating expenses declined 10.1% on an annual basis to 831.0 million rupees from 924.3 million rupees.

Reported net income increased 19.9% from the prior-year period to 25.9 million rupees, or 6.06 rupees per share, from 21.6 million rupees, or 5.05 rupees per share.

For the year, the company's normalized net income totaled 21.29 rupees per share, a decrease of 23.6% from 27.86 rupees per share in the prior year.

Normalized net income was 90.8 million rupees, a fall of 23.6% from 118.9 million rupees in the prior year.

Full-year total revenue declined 6.5% from the prior-year period to 3.56 billion rupees from 3.81 billion rupees, and total operating expenses declined 5.3% on an annual basis to 3.33 billion rupees from 3.52 billion rupees.

The company said reported net income fell 22.2% on an annual basis to 93.4 million rupees, or 21.88 rupees per share, in the full year, from 120.1 million rupees, or 28.14 rupees per share.

As of Sept. 1, US$1 was equivalent to 66.90 Indian rupees.