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Eurotex Industries & Exports swings to loss in fiscal Q4

Eurotex Industries and Exports Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 62 Indian paise per share, compared with 1.60 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 5.4 million rupees, compared with income of 14.0 million rupees in the prior-year period.

The normalized profit margin declined to negative 0.7% from 1.3% in the year-earlier period.

Total revenue decreased 30.5% year over year to 758.6 million rupees from 1.09 billion rupees, and total operating expenses decreased 31.1% on an annual basis to 718.5 million rupees from 1.04 billion rupees.

Reported net income totaled a loss of 4.7 million rupees, or a loss of 54 paise per share, compared to income of 13.6 million rupees, or 1.55 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2.50 rupees per share, compared with 7.23 rupees per share in the prior year.

Normalized net income was a loss of 21.8 million rupees, compared with income of 63.2 million rupees in the prior year.

Full-year total revenue decreased 18.5% from the prior-year period to 2.81 billion rupees from 3.44 billion rupees, and total operating expenses declined 15.3% on an annual basis to 2.75 billion rupees from 3.24 billion rupees.

The company said reported net income totaled a loss of 32.3 million rupees, or a loss of 3.69 rupees per share, in the full year, compared with income of 55.7 million rupees, or 6.37 rupees per share, the prior year.

As of May 22, US$1 was equivalent to 63.45 Indian rupees.