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GTN Textiles swings to loss in fiscal Q4

GTN Textiles Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 2.02 Indian rupees per share, compared with 86 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 23.6 million rupees, compared with income of 10.0 million rupees in the year-earlier period.

The normalized profit margin declined to negative 4.5% from 1.5% in the year-earlier period.

Total revenue decreased 24.0% year over year to 519.4 million rupees from 683.3 million rupees, and total operating expenses fell 7.0% year over year to 560.0 million rupees from 601.9 million rupees.

Reported net income totaled a loss of 21.8 million rupees, or a loss of 1.87 rupees per share, compared to income of 6.9 million rupees, or 59 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 2.50 rupees per share, compared with 2.11 rupees per share in the prior year.

Normalized net income was a loss of 29.1 million rupees, compared with income of 24.6 million rupees in the prior year.

Full-year total revenue fell 35.0% year over year to 1.86 billion rupees from 2.86 billion rupees, and total operating expenses decreased 31.2% on an annual basis to 1.83 billion rupees from 2.65 billion rupees.

The company said reported net income totaled a loss of 30.6 million rupees, or a loss of 2.63 rupees per share, in the full year, compared with income of 19.5 million rupees, or 1.68 rupees per share, the prior year.

As of May 27, US$1 was equivalent to 63.93 Indian rupees.