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Amrit swings to profit in fiscal Q4

Amrit Corp. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 25 Indian paise per share, compared with a loss of 2.44 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 808,560 rupees, compared with a loss of 7.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 10.2% from negative 6.3% in the year-earlier period.

Total revenue declined 19.4% year over year to 100.9 million rupees from 125.2 million rupees, and total operating expenses declined 11.9% year over year to 109.5 million rupees from 124.2 million rupees.

Reported net income rose 86.0% year over year to 26.5 million rupees, or 8.24 rupees per share, from 14.2 million rupees, or 4.43 rupees per share.

For the year, the company's normalized net income totaled 18.01 rupees per share, an increase of 29.5% from 13.91 rupees per share in the prior year.

Normalized net income was 57.9 million rupees, a gain of 29.5% from 44.7 million rupees in the prior year.

Full-year total revenue declined 9.8% from the prior-year period to 495.6 million rupees from 549.4 million rupees, and total operating expenses declined 10.7% on an annual basis to 494.6 million rupees from 554.1 million rupees.

The company said reported net income grew 23.1% year over year to 109.1 million rupees, or 33.96 rupees per share, in the full year, from 88.6 million rupees, or 27.58 rupees per share.

As of June 11, US$1 was equivalent to 63.95 Indian rupees.