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Soma Textiles & Industries fiscal Q4 loss widens YOY

Soma Textiles & Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 1.28 Indian rupees per share, compared with a loss of 1.22 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 a loss of 42.6 million rupees, compared with a loss of 40.6 million rupees in the prior-year period.

The normalized profit margin fell to negative 10.1% from negative 5.8% in the year-earlier period.

Total revenue decreased 39.7% on an annual basis to 421.4 million rupees from 698.7 million rupees, and total operating expenses fell 37.5% on an annual basis to 439.5 million rupees from 703.5 million rupees.

Reported net income totaled 30.4 million rupees, or 92 paise per share, compared to a loss of 7.5 million rupees, or a loss of 22 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 9.12 rupees per share, compared with a loss of 5.82 rupees per share in the prior year.

Normalized net income was a loss of 301.2 million rupees, compared with a loss of 192.2 million rupees in the prior year.

Full-year total revenue decreased 17.4% on an annual basis to 2.26 billion rupees from 2.73 billion rupees, and total operating expenses decreased 10.6% year over year to 2.53 billion rupees from 2.84 billion rupees.

The company said reported net income totaled a loss of 335.9 million rupees, or a loss of 10.17 rupees per share, in the full year, compared with a loss of 133.5 million rupees, or a loss of 4.04 rupees per share, the prior year.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.