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Loyal Textile Mills fiscal Q4 profit falls YOY

Loyal Textile Mills Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 6.59 Indian rupees per share, a decline of 46.1% from 12.22 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 31.7 million rupees, a decline of 46.2% from 58.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.8% from 1.5% in the year-earlier period.

Total revenue rose on an annual basis to 4.14 billion rupees from 3.98 billion rupees, and total operating expenses grew 6.6% year over year to 3.93 billion rupees from 3.68 billion rupees.

Reported net income rose 90.3% on an annual basis to 119.5 million rupees, or 24.84 rupees per share, from 62.8 million rupees, or 13.04 rupees per share.

For the year, the company's normalized net income totaled 14.44 rupees per share, a decline of 66.2% from 42.78 rupees per share in the prior year.

Normalized net income was 69.6 million rupees, a decline of 66.2% from 206.1 million rupees in the prior year.

Full-year total revenue decreased 12.7% on an annual basis to 14.01 billion rupees from 16.05 billion rupees, and total operating expenses decreased 11.9% year over year to 13.22 billion rupees from 15.00 billion rupees.

The company said reported net income declined 19.6% year over year to 158.3 million rupees, or 32.86 rupees per share, in the full year, from 197.0 million rupees, or 40.90 rupees per share.

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