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Suryajyoti Spinning Mills swings to loss in fiscal Q4

Suryajyoti Spinning Mills Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 2.51 Indian rupees per share, compared with 64 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 49.4 million rupees, compared with income of 12.6 million rupees in the prior-year period.

The normalized profit margin declined to negative 4.8% from 1.1% in the year-earlier period.

Total revenue declined 11.2% year over year to 1.04 billion rupees from 1.17 billion rupees, and total operating expenses totaled 989.0 million rupees, compared with 991.8 million rupees in the year-earlier period.

Reported net income came to a loss of 28.0 million rupees, or a loss of 1.42 rupees per share, compared to a loss of 55.7 million rupees, or a loss of 2.83 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 4.39 rupees per share, compared with a loss of 1.43 rupees per share in the prior year.

Normalized net income was a loss of 86.4 million rupees, compared with a loss of 28.1 million rupees in the prior year.

Full-year total revenue decreased 10.8% year over year to 4.19 billion rupees from 4.69 billion rupees, and total operating expenses decreased 10.1% on an annual basis to 3.89 billion rupees from 4.32 billion rupees.

The company said reported net income came to a loss of 87.1 million rupees, or a loss of 4.43 rupees per share, in the full year, compared with a loss of 120.8 million rupees, or a loss of 6.15 rupees per share, the prior year.

As of Aug. 11, US$1 was equivalent to 64.36 Indian rupees.