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Sun Ltd. fiscal Q4 loss narrows YOY

Sun Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 amounted to a loss of 64 Mauritian cents per share, compared with a loss of 1.09 rupees 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 79.3 million rupees, compared with a loss of 129.5 million rupees in the year-earlier period.

The normalized profit margin rose to negative 6.9% from negative 19.5% in the year-earlier period.

Total revenue increased 73.4% year over year to 1.15 billion rupees from 663.6 million rupees, and total operating expenses climbed 58.4% from the prior-year period to 1.20 billion rupees from 756.2 million rupees.

Reported net income came to a loss of 111.0 million rupees, or a loss of 90 cents per share, compared to income of 101.6 million rupees, or 86 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 38 cents per share, an increase from 7 cents per share in the prior year.

Normalized net income was 48.6 million rupees, a rise from 7.9 million rupees in the prior year.

Full-year total revenue increased 21.2% on an annual basis to 4.99 billion rupees from 4.12 billion rupees, and total operating expenses grew 19.7% year over year to 4.63 billion rupees from 3.87 billion rupees.

The company said reported net income came to a loss of 300.4 million rupees, or a loss of 2.37 rupees per share, in the full year, compared with income of 217.5 million rupees, or 2.06 rupees per share, the prior year.

As of Sept. 28, US$1 was equivalent to 35.35 Mauritian rupees.