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Patspin India swings to loss in fiscal Q4

Patspin India Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 60 Indian paise per share, compared with 40 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 17.2 million rupees, compared with income of 13.5 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.1% from 0.7% in the year-earlier period.

Total revenue declined 13.0% year over year to 1.60 billion rupees from 1.84 billion rupees, and total operating expenses fell 5.5% year over year to 1.59 billion rupees from 1.68 billion rupees.

Reported net income came to a loss of 10.3 million rupees, or a loss of 36 paise per share, compared to income of 9.4 million rupees, or 28 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1.66 rupees per share, compared with 1.21 rupees per share in the prior year.

Normalized net income was a loss of 51.2 million rupees, compared with income of 37.3 million rupees in the prior year.

Full-year total revenue declined 9.1% year over year to 5.54 billion rupees from 6.10 billion rupees, and total operating expenses declined 5.3% on an annual basis to 5.36 billion rupees from 5.66 billion rupees.

The company said reported net income came to a loss of 64.8 million rupees, or a loss of 2.10 rupees per share, in the full year, compared with income of 39.0 million rupees, or 1.26 rupees per share, the prior year.

As of May 27, US$1 was equivalent to 63.93 Indian rupees.