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Khaitan (India) swings to loss in fiscal Q4

Khaitan (India) Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 2.06 Indian rupees per share, compared with 37 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 9.8 million rupees, compared with income of 1.7 million rupees in the year-earlier period.

The normalized profit margin declined to negative 6.8% from 1.0% in the year-earlier period.

Total revenue declined 14.7% year over year to 145.1 million rupees from 170.1 million rupees, and total operating expenses declined 6.4% from the prior-year period to 147.0 million rupees from 157.2 million rupees.

Reported net income totaled a loss of 13.0 million rupees, or a loss of 2.74 rupees per share, compared to income of 3.7 million rupees, or 78 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 7.69 rupees per share, compared with a loss of 2.54 rupees per share in the prior year.

Normalized net income was a loss of 36.6 million rupees, compared with a loss of 12.1 million rupees in the prior year.

Full-year total revenue decreased 10.3% year over year to 266.5 million rupees from 297.2 million rupees, and total operating expenses increased on an annual basis to 280.5 million rupees from 276.9 million rupees.

The company said reported net income totaled a loss of 55.9 million rupees, or a loss of 11.76 rupees per share, in the full year, compared with a loss of 18.4 million rupees, or a loss of 3.87 rupees per share, the prior year.

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