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Pradip Overseas fiscal Q4 loss widens YOY

Pradip Overseas Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 37.07 Indian rupees per share, compared with a loss of 1.94 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 1.80 billion rupees, compared with a loss of 93.7 million rupees in the prior-year period.

Total revenue declined 76.6% year over year to 346.5 million rupees from 1.48 billion rupees, and total operating expenses rose year over year to 2.93 billion rupees from 1.35 billion rupees.

Reported net income totaled a loss of 3.25 billion rupees, or a loss of 67.01 rupees per share, compared to a loss of 117.9 million rupees, or a loss of 2.43 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 53.76 rupees per share, compared with a loss of 18.08 rupees per share in the prior year.

Normalized net income was a loss of 2.60 billion rupees, compared with a loss of 875.7 million rupees in the prior year.

Full-year total revenue fell 59.9% on an annual basis to 2.40 billion rupees from 5.99 billion rupees, and total operating expenses declined 10.9% year over year to 5.42 billion rupees from 6.08 billion rupees.

The company said reported net income totaled a loss of 4.14 billion rupees, or a loss of 85.36 rupees per share, in the full year, compared with a loss of 1.70 billion rupees, or a loss of 35.02 rupees per share, the prior year.

As of June 9, US$1 was equivalent to 64.02 Indian rupees.