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GTN Industries swings to loss in fiscal Q4

GTN Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.13 Indian rupees per share, compared with 4 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 17.3 million rupees, compared with income of 761,880 rupees in the prior-year period.

The normalized profit margin fell to negative 1.6% from 0.0% in the year-earlier period.

Total revenue decreased 35.8% on an annual basis to 1.05 billion rupees from 1.64 billion rupees, and total operating expenses declined 32.2% year over year to 1.05 billion rupees from 1.54 billion rupees.

Reported net income came to a loss of 25.1 million rupees, or a loss of 1.63 rupees per share, compared to income of 36.5 million rupees, or 2.03 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 5.17 rupees per share, compared with a loss of 1.61 rupees per share in the prior year.

Normalized net income was a loss of 90.7 million rupees, compared with a loss of 28.2 million rupees in the prior year.

Full-year total revenue decreased 27.3% from the prior-year period to 4.09 billion rupees from 5.62 billion rupees, and total operating expenses fell 25.5% on an annual basis to 4.04 billion rupees from 5.43 billion rupees.

The company said reported net income came to a loss of 135.4 million rupees, or a loss of 7.72 rupees per share, in the full year, compared with a loss of 9.9 million rupees, or a loss of 56 paise per share, the prior year.

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