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TCI Industries swings to loss in fiscal Q4

TCI Industries Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.17 Indian rupees per share, compared with 59 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 1.0 million rupees, compared with income of 533,760 rupees in the year-earlier period.

The normalized profit margin declined to negative 57.7% from 4.7% in the year-earlier period.

Total revenue fell 84.1% year over year to 1.8 million rupees from 11.5 million rupees, and total operating expenses declined 73.9% on an annual basis to 2.6 million rupees from 9.9 million rupees.

Reported net income totaled a loss of 1.7 million rupees, or a loss of 1.87 rupees per share, compared to a loss of 718,530 rupees, or a loss of 80 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 3.27 rupees per share, compared with a loss of 31 paise per share in the prior year.

Normalized net income was a loss of 2.9 million rupees, compared with a loss of 281,870 rupees in the prior year.

Full-year total revenue fell 86.6% year over year to 11.0 million rupees from 82.3 million rupees, and total operating expenses decreased 80.9% on an annual basis to 15.8 million rupees from 82.8 million rupees.

The company said reported net income came to a loss of 4.7 million rupees, or a loss of 5.24 rupees per share, in the full year, compared with a loss of 2.0 million rupees, or a loss of 2.26 rupees per share, the prior year.

As of July 3, US$1 was equivalent to 63.43 Indian rupees.