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Nagreeka Exports fiscal Q4 profit climbs 18.8% YOY

Nagreeka Exports Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 100 Indian paise per share, a gain of 19.1% from 84 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.5 million rupees, a gain of 18.8% from 10.5 million rupees in the year-earlier period.

The normalized profit margin rose to 1.0% from 0.6% in the year-earlier period.

Total revenue decreased 35.2% year over year to 1.23 billion rupees from 1.90 billion rupees, and total operating expenses decreased 34.9% from the prior-year period to 1.22 billion rupees from 1.87 billion rupees.

Reported net income came to 25.3 million rupees, or 2.03 rupees per share, compared to a loss of 35.4 million rupees, or a loss of 2.83 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 2.25 rupees per share, a fall of 55.3% from 5.04 rupees per share in the prior year.

Normalized net income was 28.2 million rupees, a fall of 55.3% from 63.0 million rupees in the prior year.

Full-year total revenue declined 25.0% on an annual basis to 4.73 billion rupees from 6.30 billion rupees, and total operating expenses decreased 25.2% year over year to 4.53 billion rupees from 6.05 billion rupees.

The company said reported net income rose on an annual basis to 50.5 million rupees, or 4.04 rupees per share, in the full year, from 48.6 million rupees, or 3.89 rupees per share.

As of May 28, US$1 was equivalent to 63.83 Indian rupees.