By Amanda Lee
Godrej Consumer Products swung to a quarterly loss after booking impairments and losses related to the reorganization of its East Africa operations.
The Indian fast-moving consumer goods company posted a net loss of 18.93 billion rupees ($226.8 million) for the fiscal fourth quarter ended March, compared with a net profit of INR4.52 billion in the same period a year ago, it said late Monday.
Quarterly revenue rose 5.8% on the year to INR33.86 billion, helped by higher sales in India and Indonesia.
The company's bottom line was negative due to charges of INR23.76 billion for exceptional items, which included an impairment loss of INR13.91 billion on brand and goodwill for its African operations and an INR9.27 billion loss related to the sale of businesses in East Africa.
Godrej said that it had completed the reorganization of its operations in East Africa, and expects the changes to boost annual profit by INR500 million even as it trims its forecast for annual revenue by INR4.70 billion.
Quarterly profit before the exceptional items was INR6.91 billion, up from INR5.78 billion a year ago.
For the full year ended March, the company posted a net loss of INR5.61 billion, while revenue rose 5.8% to INR140.96 billion.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
05-06-24 2358ET
