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S & T Corp. fiscal Q4 loss narrows YOY

S & T Corp. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 42 Indian paise per share, compared with a loss of 59 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 2.7 million rupees, compared with a loss of 3.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 53.2% from negative 24.1% in the year-earlier period.

Total revenue declined 67.6% on an annual basis to 5.1 million rupees from 15.7 million rupees, and total operating expenses fell 55.0% on an annual basis to 9.2 million rupees from 20.5 million rupees.

Reported net income came to a loss of 5.0 million rupees, or a loss of 78 paise per share, compared to a loss of 6.3 million rupees, or a loss of 99 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled 4 paise per share, a decline of 64.8% from 12 paise per share in the prior year.

Normalized net income was 261,260 rupees, a decrease of 64.8% from 743,210 rupees in the prior year.

Full-year total revenue declined 38.2% from the prior-year period to 18.2 million rupees from 29.4 million rupees, and total operating expenses declined 33.0% year over year to 17.1 million rupees from 25.5 million rupees.

The company said reported net income came to a loss of 256,550 rupees, or a loss of 4 paise per share, in the full year, compared with income of 939,140 rupees, or 15 paise per share, the prior year.

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