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Hindoostan Mills swings to loss in fiscal Q4

Hindoostan Mills Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 7.48 Indian rupees per share, compared with 89 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 12.5 million rupees, compared with income of 1.5 million rupees in the prior-year period.

The normalized profit margin fell to negative 2.8% from 0.4% in the year-earlier period.

Total revenue increased 7.3% on an annual basis to 441.8 million rupees from 411.6 million rupees, and total operating expenses grew 10.7% on an annual basis to 451.1 million rupees from 407.4 million rupees.

Reported net income came to a loss of 19.6 million rupees, or a loss of 11.76 rupees per share, compared to income of 3.8 million rupees, or 2.28 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 27.57 rupees per share, compared with 17.41 rupees per share in the prior year.

Normalized net income was a loss of 45.9 million rupees, compared with income of 29.0 million rupees in the prior year.

Full-year total revenue increased year over year to 1.54 billion rupees from 1.47 billion rupees, and total operating expenses rose 12.0% on an annual basis to 1.60 billion rupees from 1.43 billion rupees.

The company said reported net income totaled a loss of 68.9 million rupees, or a loss of 41.37 rupees per share, in the full year, compared with income of 39.5 million rupees, or 23.73 rupees per share, the prior year.

As of July 23, US$1 was equivalent to 63.86 Indian rupees.