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Autoline Industries fiscal Q1 loss widens YOY

Autoline Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 9.27 Indian rupees per share, compared with a loss of 4.43 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 a loss of 114.0 million rupees, compared with a loss of 54.5 million rupees in the prior-year period.

The normalized profit margin fell to negative 15.5% from negative 3.3% in the year-earlier period.

Total revenue decreased 55.8% year over year to 736.0 million rupees from 1.67 billion rupees, and total operating expenses declined 48.8% on an annual basis to 855.6 million rupees from 1.67 billion rupees.

Reported net income totaled a loss of 99.6 million rupees, or a loss of 8.10 rupees per share, compared to a loss of 87.3 million rupees, or a loss of 7.09 rupees per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 63.74 Indian rupees.