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Eastern Treads swings to loss in fiscal Q4

Eastern Treads 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 94 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 a loss of 2.4 million rupees, compared with income of 5.2 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.2% from 1.8% in the year-earlier period.

Total revenue declined 28.5% year over year to 207.9 million rupees from 290.8 million rupees, and total operating expenses decreased 30.5% on an annual basis to 193.2 million rupees from 278.1 million rupees.

Reported net income totaled a loss of 3.1 million rupees, or a loss of 59 paise per share, compared to income of 5.1 million rupees, or 92 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.63 rupees per share, a decline of 43.7% from 2.90 rupees per share in the prior year.

Normalized net income was 8.5 million rupees, a fall of 44.9% from 15.5 million rupees in the prior year.

Full-year total revenue totaled 885.8 million rupees, compared with 892.5 million rupees in the prior year, and total operating expenses declined year over year to 852.8 million rupees from 862.7 million rupees.

The company said reported net income declined year over year to 15.8 million rupees, or 3.01 rupees per share, in the full year, from 16.4 million rupees, or 3.07 rupees per share.

As of June 30, US$1 was equivalent to 63.66 Indian rupees.