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Sovereign Diamonds fiscal Q4 profit climbs 51.8% YOY

Sovereign Diamonds Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 1.10 Indian rupees per share, a decline of 40.7% from 1.86 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 6.4 million rupees, an increase of 51.8% from 4.2 million rupees in the year-earlier period.

The normalized profit margin increased to 3.1% from 2.8% in the year-earlier period.

Total revenue grew 40.8% on an annual basis to 207.8 million rupees from 147.6 million rupees, and total operating expenses climbed 41.3% from the prior-year period to 191.1 million rupees from 135.2 million rupees.

Reported net income increased 68.4% year over year to 6.7 million rupees, or 1.16 rupees per share, from 4.0 million rupees, or 1.76 rupees per share.

For the year, the company's normalized net income totaled 2.99 rupees per share, a gain of 76.4% from 1.69 rupees per share in the prior year.

Normalized net income was 17.3 million rupees, an increase of 76.4% from 9.8 million rupees in the prior year.

Full-year total revenue rose 50.3% on an annual basis to 601.4 million rupees from 400.0 million rupees, and total operating expenses grew 50.8% on an annual basis to 552.2 million rupees from 366.2 million rupees.

The company said reported net income rose 81.8% on an annual basis to 18.5 million rupees, or 3.20 rupees per share, in the full year, from 10.2 million rupees, or 1.76 rupees per share.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.