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Timex Group India fiscal Q4 loss widens 15.4% YOY

Timex Group India Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.34 Indian rupees per share, compared with a loss of 18 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 16.4 million rupees, compared with a loss of 14.2 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 5.2% from negative 5.2% in the year-earlier period.

Total revenue increased 16.5% on an annual basis to 317.7 million rupees from 272.8 million rupees, and total operating expenses rose 38.6% year over year to 321.0 million rupees from 231.6 million rupees.

Reported net income came to a loss of 33.7 million rupees, or a loss of 2.79 rupees per share, compared to a loss of 58.9 million rupees, or a loss of 76 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 94 paise per share, compared with a loss of 2.01 rupees per share in the prior year.

Normalized net income was a loss of 95.0 million rupees, compared with a loss of 203.4 million rupees in the prior year.

Full-year total revenue rose 13.0% on an annual basis to 1.40 billion rupees from 1.24 billion rupees, and total operating expenses increased year over year to 1.51 billion rupees from 1.49 billion rupees.

The company said reported net income came to a loss of 142.4 million rupees, or a loss of 1.41 rupees per share, in the full year, compared with a loss of 361.6 million rupees, or a loss of 3.58 rupees per share, the prior year.

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