Asian Tea & Exports Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 40 Indian paise per share, a decrease of 41.0% from 69 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 3.9 million rupees, a decrease of 42.7% from 6.8 million rupees in the prior-year period.
The normalized profit margin climbed to 4.2% from 2.9% in the year-earlier period.
Total revenue decreased 60.9% year over year to 93.8 million rupees from 239.7 million rupees, and total operating expenses fell 61.2% from the prior-year period to 92.5 million rupees from 238.6 million rupees.
Reported net income increased 12.1% on an annual basis to 9.2 million rupees, or 95 paise per share, from 8.2 million rupees, or 82 paise per share.
For the year, the company's normalized net income totaled 59 paise per share, a decline of 50.1% from 1.18 rupees per share in the prior year.
Normalized net income was 5.9 million rupees, a decline of 50.1% from 11.8 million rupees in the prior year.
Full-year total revenue decreased 49.2% from the prior-year period to 302.0 million rupees from 595.1 million rupees, and total operating expenses decreased 49.8% on an annual basis to 293.8 million rupees from 584.8 million rupees.
The company said reported net income decreased 23.5% year over year to 12.3 million rupees, or 1.23 rupees per share, in the full year, from 16.1 million rupees, or 1.61 rupees per share.
As of July 28, US$1 was equivalent to 63.82 Indian rupees.