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VTM swings to loss in fiscal Q4

VTM Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 24 Indian paise per share, compared with 5 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 9.7 million rupees, compared with income of 1.8 million rupees in the prior-year period.

The normalized profit margin dropped to negative 2.2% from 0.5% in the year-earlier period.

Total revenue grew 14.5% year over year to 450.2 million rupees from 393.2 million rupees, and total operating expenses increased 16.9% from the prior-year period to 453.5 million rupees from 388.0 million rupees.

Reported net income came to a loss of 11.1 million rupees, or a loss of 28 paise per share, compared to a loss of 1.1 million rupees, or a loss of 3 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.48 rupees per share, a decrease of 39.6% from 2.45 rupees per share in the prior year.

Normalized net income was 59.4 million rupees, a fall of 39.7% from 98.5 million rupees in the prior year.

Full-year total revenue totaled 1.68 billion rupees, compared with 1.69 billion rupees in the prior year, and total operating expenses increased year over year to 1.59 billion rupees from 1.55 billion rupees.

The company said reported net income declined 29.6% year over year to 79.6 million rupees, or 1.98 rupees per share, in the full year, from 113.1 million rupees, or 2.81 rupees per share.

As of June 16, US$1 was equivalent to 64.23 Indian rupees.