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Supreme Tex Mart fiscal Q4 loss widens YOY

Supreme Tex Mart Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 5.89 Indian rupees per share, compared with a loss of 1.38 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 a loss of 401.7 million rupees, compared with a loss of 102.9 million rupees in the year-earlier period.

The normalized profit margin declined to negative 44.0% from negative 6.1% in the year-earlier period.

Total revenue decreased 45.6% on an annual basis to 911.9 million rupees from 1.68 billion rupees, and total operating expenses fell 6.0% from the prior-year period to 1.54 billion rupees from 1.64 billion rupees.

Reported net income totaled a loss of 942.3 million rupees, or a loss of 13.81 rupees per share, compared to a loss of 107.5 million rupees, or a loss of 1.44 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 14.20 rupees per share, compared with 9 paise per share in the prior year.

Normalized net income was a loss of 969.0 million rupees, compared with income of 6.1 million rupees in the prior year.

Full-year total revenue decreased 48.2% year over year to 4.30 billion rupees from 8.30 billion rupees, and total operating expenses fell 29.6% on an annual basis to 5.45 billion rupees from 7.73 billion rupees.

The company said reported net income came to a loss of 2.08 billion rupees, or a loss of 30.54 rupees per share, in the full year, compared with income of 11.5 million rupees, or 17 paise per share, the prior year.

As of July 10, US$1 was equivalent to 63.32 Indian rupees.