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Eastern Silk Industries fiscal Q4 loss narrows YOY

Eastern Silk Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 3.65 Indian rupees per share, compared with a loss of 4.20 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 288.5 million rupees, compared with a loss of 330.8 million rupees in the year-earlier period.

The normalized profit margin increased to negative 147.0% from negative 177.2% in the year-earlier period.

Total revenue increased 5.2% year over year to 196.4 million rupees from 186.6 million rupees, and total operating expenses fell 8.0% on an annual basis to 738.3 million rupees from 802.8 million rupees.

Reported net income totaled a loss of 299.5 million rupees, or a loss of 3.79 rupees per share, compared to a loss of 140.7 million rupees, or a loss of 1.79 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 4.31 rupees per share, compared with a loss of 10.62 rupees per share in the prior year.

Normalized net income was a loss of 340.2 million rupees, compared with a loss of 838.5 million rupees in the prior year.

Full-year total revenue declined 23.4% from the prior-year period to 610.2 million rupees from 796.3 million rupees, and total operating expenses decreased 35.3% on an annual basis to 1.23 billion rupees from 1.90 billion rupees.

The company said reported net income totaled a loss of 382.3 million rupees, or a loss of 4.84 rupees per share, in the full year, compared with a loss of 1.38 billion rupees, or a loss of 17.45 rupees per share, the prior year.

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