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Norben Tea & Exports fiscal Q4 loss widens 85.1% YOY

Norben Tea & Exports Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 19 Indian paise per share, compared with a loss of 11 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 2.3 million rupees, compared with a loss of 1.2 million rupees in the prior-year period.

The normalized profit margin climbed to negative 18.1% from negative 33.0% in the year-earlier period.

Total revenue increased on an annual basis to 12.5 million rupees from 3.7 million rupees, and total operating expenses climbed 87.4% year over year to 17.9 million rupees from 9.6 million rupees.

Reported net income came to a loss of 4.4 million rupees, or a loss of 37 paise per share, compared to a loss of 4.9 million rupees, or a loss of 42 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled 16 paise per share, a fall of 28.9% from 22 paise per share in the prior year.

Normalized net income was 1.9 million rupees, a decline of 28.9% from 2.6 million rupees in the prior year.

Full-year total revenue declined 5.2% year over year to 37.2 million rupees from 39.3 million rupees, and total operating expenses declined year over year to 37.0 million rupees from 37.7 million rupees.

The company said reported net income rose 76.5% on an annual basis to 2.3 million rupees, or 19 paise per share, in the full year, from 1.3 million rupees, or 11 paise per share.

As of July 8, US$1 was equivalent to 63.52 Indian rupees.