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Bannari Amman Sugars swings to loss in fiscal Q4

Bannari Amman Sugars Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 3.91 Indian rupees per share, compared with 9.59 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 44.7 million rupees, compared with income of 109.7 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.6% from 5.6% in the year-earlier period.

Total revenue increased 38.0% year over year to 2.73 billion rupees from 1.97 billion rupees, and total operating expenses rose 66.5% year over year to 2.61 billion rupees from 1.57 billion rupees.

Reported net income came to a loss of 41.9 million rupees, or a loss of 3.67 rupees per share, compared to income of 124.2 million rupees, or 10.86 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 83 paise per share, compared with 19.96 rupees per share in the prior year.

Normalized net income was a loss of 9.5 million rupees, compared with income of 228.3 million rupees in the prior year.

Full-year total revenue increased 42.8% year over year to 9.30 billion rupees from 6.51 billion rupees, and total operating expenses rose 54.1% on an annual basis to 8.48 billion rupees from 5.51 billion rupees.

The company said reported net income declined 96.4% year over year to 10.3 million rupees, or 90 paise per share, in the full year, from 286.9 million rupees, or 25.08 rupees per share.

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