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Enkei Wheels fiscal Q4 loss widens 25.7% YOY

Enkei Wheels (India) Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.03 Indian rupees per share, compared with a loss of 90 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.8 million rupees, compared with a loss of 11.0 million rupees in the year-earlier period.

The normalized profit margin increased to negative 1.2% from negative 1.3% in the year-earlier period.

Total revenue increased 31.2% year over year to 1.12 billion rupees from 851.7 million rupees, and total operating expenses increased 42.4% on an annual basis to 1.08 billion rupees from 757.1 million rupees.

Reported net income totaled a loss of 10.7 million rupees, or a loss of 80 paise per share, compared to income of 31.4 million rupees, or 2.56 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 88 paise per share, compared with a loss of 2.14 rupees per share in the prior year.

Normalized net income was 11.4 million rupees, compared with a loss of 27.3 million rupees in the prior year.

Full-year total revenue rose 20.0% year over year to 3.84 billion rupees from 3.20 billion rupees, and total operating expenses rose 19.9% year over year to 3.70 billion rupees from 3.09 billion rupees.

The company said reported net income increased year over year to 22.8 million rupees, or 1.76 rupees per share, in the full year, from 5.4 million rupees, or 42 paise per share.

As of July 28, US$1 was equivalent to 63.82 Indian rupees.