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GTN Industries swings to profit in fiscal Q4

GTN Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to 2.32 Indian rupees per share, compared with a loss of 1.13 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 40.9 million rupees, compared with a loss of 17.3 million rupees in the prior-year period.

The normalized profit margin increased to 5.1% from negative 1.6% in the year-earlier period.

Total revenue fell 23.4% year over year to 806.2 million rupees from 1.05 billion rupees, and total operating expenses decreased 33.7% year over year to 694.5 million rupees from 1.05 billion rupees.

Reported net income totaled 68.6 million rupees, or 3.89 rupees per share, compared to a loss of 25.1 million rupees, or a loss of 1.63 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.45 rupees per share, compared with a loss of 5.17 rupees per share in the prior year.

Normalized net income was 25.4 million rupees, compared with a loss of 90.7 million rupees in the prior year.

Full-year total revenue declined 31.5% from the prior-year period to 2.80 billion rupees from 4.09 billion rupees, and total operating expenses declined 35.9% on an annual basis to 2.59 billion rupees from 4.04 billion rupees.

The company said reported net income totaled a loss of 47.2 million rupees, or a loss of 2.69 rupees per share, in the full year, compared with a loss of 135.4 million rupees, or a loss of 7.72 rupees per share, the prior year.

As of May 24, US$1 was equivalent to 67.65 Indian rupees.