Shares of Indian specialty rice maker Amira Nature Foods Ltd. sank Monday despite its report of improved fourth-quarter performance.
The company, based in Dubai, went public in October.
Amira said that it earned $15.1 million, or 63 cents per share, for the fiscal fourth quarter that ended March 31. That's compared to $9.6 million, or 49 cents per share, last year. After adjusting for IPO-related expenses and other items, its adjusted earnings came to 24 cents per share versus 20 cents per share.
Revenue increased 10 percent to $140.2 million on strong sales in India and other international markets.
Amira said demand for Basmati rice and related products is growing and it expects that to continue into 2014. It also anticipates it will benefit from expanding relationships with many of its key retail partners and a growing geographic presence.
The company recently announced plans to move into the South Korean market and said Monday that it has launched sales of its Amira branded products in the U.K.
For the full fiscal year, the company said it earned $19.2 million, or 63 cents per share, compared with $11.9 million, or 49 cents per share, in the prior fiscal year. Adjusted profit rose was 59 cents versus 33 cents.
Revenue for the fiscal year rose to $413.7 million from $329 million.
Amira said it expects revenue for fiscal 2014 to fall between $480 million to $507 million.
Shares fell 95 cents, or 10.4 percent, to $8.19 in afternoon trading. Its stock remains in the middle of $6.25 to $10.24 range it has seen since its debut.