Bannari Amman Spinning Mills Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to 79 Indian paise per share, a decrease of 51.1% from 1.62 rupees per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.5 million rupees, a decrease of 51.0% from 25.5 million rupees in the year-earlier period.
The normalized profit margin declined to 0.7% from 1.3% in the year-earlier period.
Total revenue fell 5.5% on an annual basis to 1.89 billion rupees from 2.01 billion rupees, and total operating expenses fell year over year to 1.81 billion rupees from 1.87 billion rupees.
Reported net income decreased 19.8% year over year to 22.1 million rupees, or 1.40 rupees per share, from 27.5 million rupees, or 1.75 rupees per share.
For the year, the company's normalized net income totaled 7.08 rupees per share, a decrease of 61.6% from 18.44 rupees per share in the prior year.
Normalized net income was 111.5 million rupees, a decrease of 61.6% from 290.5 million rupees in the prior year.
Full-year total revenue declined year over year to 6.80 billion rupees from 7.00 billion rupees, and total operating expenses grew on an annual basis to 6.28 billion rupees from 6.16 billion rupees.
The company said reported net income fell 59.4% on an annual basis to 128.3 million rupees, or 8.14 rupees per share, in the full year, from 315.7 million rupees, or 20.04 rupees per share.
As of May 29, US$1 was equivalent to 63.76 Indian rupees.