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JBF Industries swings to loss in fiscal Q4

JBF Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 3.24 Indian rupees per share, compared with 4.11 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 208.8 million rupees, compared with income of 273.4 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.0% from 1.3% in the year-earlier period.

Total revenue rose year over year to 21.50 billion rupees from 21.00 billion rupees, and total operating expenses grew from the prior-year period to 19.86 billion rupees from 19.66 billion rupees.

Reported net income came to a loss of 575.2 million rupees, or a loss of 8.93 rupees per share, compared to income of 438.9 million rupees, or 6.59 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 8.95 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 15.75 rupees.

EPS rose from 3.19 rupees in the prior year.

Normalized net income was 585.8 million rupees, a rise from 219.4 million rupees in the prior year.

Full-year total revenue increased from the prior-year period to 88.79 billion rupees from 85.68 billion rupees, and total operating expenses rose year over year to 82.51 billion rupees from 80.97 billion rupees.

The company said reported net income rose year over year to 276.3 million rupees, or 4.22 rupees per share, in the full year, from 24.1 million rupees, or 35 paise per share.

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