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Dwarikesh Sugar Industries swings to profit in fiscal Q4

Dwarikesh Sugar Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to 3 Indian paise per share, compared with a loss of 55 paise per share in the fourth quarter ended Sept. 30, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.3 million rupees, compared with a loss of 84.7 million rupees in the fourth quarter ended Sept. 30, 2014.

The normalized profit margin rose to 0.3% from negative 8.5% in the year-earlier period.

Total revenue increased on an annual basis to 2.05 billion rupees from 992.1 million rupees, and total operating expenses rose 84.4% year over year to 1.89 billion rupees from 1.02 billion rupees.

Reported net income came to 125.0 million rupees, or 72 paise per share, compared to a loss of 135.6 million rupees, or a loss of 88 paise per share, in the fourth quarter ended Sept. 30, 2014.

For the year, the company's normalized net income totaled a loss of 5.00 rupees per share, compared with a loss of 23 paise per share in the prior year.

Normalized net income was a loss of 634.7 million rupees, compared with a loss of 25.0 million rupees in the prior year.

Full-year total revenue declined 12.9% year over year to 6.74 billion rupees from 7.74 billion rupees, and total operating expenses totaled 7.31 billion rupees, compared with 7.31 billion rupees in the year-earlier period.

The company said reported net income totaled a loss of 880.7 million rupees, or a loss of 6.93 rupees per share, in the full year, compared with a loss of 58.1 million rupees, or a loss of 54 paise per share, the prior year.

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