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Betex India swings to loss in fiscal Q4

Betex India Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 4 Indian paise per share, compared with 4.21 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 56,250 rupees, compared with income of 6.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.1% from 6.4% in the year-earlier period.

Total revenue increased 21.7% on an annual basis to 119.7 million rupees from 98.4 million rupees, and total operating expenses grew 33.5% from the prior-year period to 113.4 million rupees from 84.9 million rupees.

Reported net income declined 26.1% on an annual basis to 1.9 million rupees, or 1.29 rupees per share, from 2.6 million rupees, or 1.75 rupees per share.

For the year, the company's normalized net income totaled 4.70 rupees per share, a fall of 37.9% from 7.57 rupees per share in the prior year.

Normalized net income was 7.0 million rupees, a decrease of 37.9% from 11.4 million rupees in the prior year.

Full-year total revenue grew 12.7% on an annual basis to 439.9 million rupees from 390.4 million rupees, and total operating expenses increased 14.4% year over year to 420.4 million rupees from 367.6 million rupees.

The company said reported net income increased 34.9% year over year to 13.0 million rupees, or 8.70 rupees per share, in the full year, from 9.7 million rupees, or 6.45 rupees per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.