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Garden Silk Mills fiscal Q4 loss narrows YOY

Garden Silk Mills Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 4.28 Indian rupees per share, compared with a loss of 11.03 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 a loss of 172.2 million rupees, compared with a loss of 423.0 million rupees in the year-earlier period.

The normalized profit margin rose to negative 2.9% from negative 5.3% in the year-earlier period.

Total revenue decreased 26.3% on an annual basis to 5.88 billion rupees from 7.97 billion rupees, and total operating expenses fell 30.5% from the prior-year period to 5.67 billion rupees from 8.16 billion rupees.

Reported net income came to a loss of 242.5 million rupees, or a loss of 6.03 rupees per share, compared to a loss of 573.0 million rupees, or a loss of 14.94 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 22.74 rupees per share, compared with a loss of 31.66 rupees per share in the prior year.

Normalized net income was a loss of 914.4 million rupees, compared with a loss of 1.21 billion rupees in the prior year.

Full-year total revenue decreased 13.9% year over year to 26.41 billion rupees from 30.67 billion rupees, and total operating expenses declined 16.1% on an annual basis to 26.07 billion rupees from 31.06 billion rupees.

The company said reported net income totaled a loss of 1.43 billion rupees, or a loss of 35.57 rupees per share, in the full year, compared with a loss of 1.44 billion rupees, or a loss of 37.66 rupees per share, the prior year.

As of Aug. 20, US$1 was equivalent to 65.50 Indian rupees.