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JMT Auto swings to loss in fiscal Q4

JMT Auto Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 35 Indian paise per share, compared with 2 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 210.1 million rupees, compared with income of 8.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.7% from 1.0% in the year-earlier period.

Total revenue increased on an annual basis to 12.34 billion rupees from 863.7 million rupees, and total operating expenses grew on an annual basis to 12.29 billion rupees from 806.6 million rupees.

Reported net income totaled a loss of 431.5 million rupees, or a loss of 71 paise per share, compared to income of 28.0 million rupees, or 6 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 39 paise per share, compared with 14 paise per share in the prior year.

Normalized net income was a loss of 198.4 million rupees, compared with income of 73.2 million rupees in the prior year.

Full-year total revenue rose year over year to 14.80 billion rupees from 4.30 billion rupees, and total operating expenses increased 262.9% year over year to 14.55 billion rupees from 4.01 billion rupees.

The company said reported net income totaled a loss of 422.1 million rupees, or a loss of 84 paise per share, in the full year, compared with income of 94.6 million rupees, or 19 paise per share, the prior year.

As of Aug. 4, US$1 was equivalent to 66.81 Indian rupees.