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Longview Tea fiscal Q4 profit falls YOY

Longview Tea Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 4 Indian paise per share, a decline of 80.8% from 19 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 110,500 rupees, a decline of 80.7% from 571,460 rupees in the prior-year period.

The normalized profit margin declined to 4.5% from 23.6% in the year-earlier period.

Total revenue came to 2.4 million rupees, compared with 2.4 million rupees in the year-earlier period, and total operating expenses climbed 15.2% year over year to 3.8 million rupees from 3.3 million rupees.

Reported net income decreased 45.1% on an annual basis to 365,980 rupees, or 12 paise per share, from 666,830 rupees, or 22 paise per share.

For the year, the company's normalized net income totaled 21 paise per share, a decrease of 75.8% from 88 paise per share in the prior year.

Normalized net income was 640,500 rupees, a fall of 75.7% from 2.6 million rupees in the prior year.

Full-year total revenue decreased 22.3% from the prior-year period to 7.1 million rupees from 9.2 million rupees, and total operating expenses rose year over year to 12.2 million rupees from 11.7 million rupees.

The company said reported net income decreased 69.1% year over year to 1.1 million rupees, or 35 paise per share, in the full year, from 3.4 million rupees, or 1.14 rupees per share.

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