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.