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Mayur Leather Products swings to loss in fiscal Q4

Mayur Leather Products Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 45 Indian paise per share, compared with 34 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 2.2 million rupees, compared with income of 1.6 million rupees in the year-earlier period.

The normalized profit margin declined to negative 2.1% from 1.7% in the year-earlier period.

Total revenue came to 93.7 million rupees, compared with 93.1 million rupees in the year-earlier period, and total operating expenses increased 16.1% year over year to 97.7 million rupees from 84.2 million rupees.

Reported net income totaled a loss of 2.9 million rupees, or a loss of 60 paise per share, compared to income of 2.3 million rupees, or 47 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled 89 paise per share, a decrease of 56.0% from 2.01 rupees per share in the prior year.

Normalized net income was 4.3 million rupees, a decline of 56.0% from 9.7 million rupees in the prior year.

Full-year total revenue increased 21.5% year over year to 280.8 million rupees from 231.0 million rupees, and total operating expenses rose 26.8% year over year to 278.4 million rupees from 219.6 million rupees.

The company said reported net income decreased 53.2% on an annual basis to 4.9 million rupees, or 1.02 rupees per share, in the full year, from 10.5 million rupees, or 2.18 rupees per share.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.