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PPAP Automotive fiscal Q3 profit falls YOY

PPAP Automotive Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 1.16 Indian rupees per share, a decline of 65.1% from 3.33 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.3 million rupees, a decrease of 65.1% from 46.6 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.3% from 7.7% in the year-earlier period.

Total revenue rose 17.5% on an annual basis to 714.6 million rupees from 608.0 million rupees, and total operating expenses climbed 19.3% on an annual basis to 685.4 million rupees from 574.3 million rupees.

Reported net income fell 55.4% on an annual basis to 23.6 million rupees, or 1.68 rupees per share, from 52.9 million rupees, or 3.78 rupees per share.

As of Feb. 11, US$1 was equivalent to 62.51 Indian rupees.