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Thangamayil Jewellery swings to profit in fiscal Q4

Thangamayil Jewellery Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 25 Indian paise per share, compared with a loss of 2.35 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 3.4 million rupees, compared with a loss of 32.1 million rupees in the prior-year period.

The normalized profit margin climbed to 0.2% from negative 1.0% in the year-earlier period.

Total revenue declined 32.3% on an annual basis to 2.28 billion rupees from 3.37 billion rupees, and total operating expenses decreased 33.7% on an annual basis to 2.23 billion rupees from 3.35 billion rupees.

Reported net income came to 11.0 million rupees, or 80 paise per share, compared to a loss of 36.9 million rupees, or a loss of 2.69 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 6.47 rupees per share, compared with a loss of 15.02 rupees per share in the prior year.

Normalized net income was 88.7 million rupees, compared with a loss of 206.1 million rupees in the prior year.

Full-year total revenue declined 10.5% on an annual basis to 12.72 billion rupees from 14.21 billion rupees, and total operating expenses decreased 13.4% year over year to 12.35 billion rupees from 14.26 billion rupees.

The company said reported net income came to 105.3 million rupees, or 7.68 rupees per share, in the full year, compared with a loss of 222.8 million rupees, or a loss of 16.24 rupees per share, the prior year.

As of July 5, US$1 was equivalent to 67.42 Indian rupees.