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Automotive Stampings & Assemblies fiscal Q2 loss widens 19.7% YOY

Automotive Stampings and Assemblies Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 2.46 Indian rupees per share, compared with a loss of 2.06 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 39.0 million rupees, compared with a loss of 32.6 million rupees in the prior-year period.

The normalized profit margin declined to negative 6.0% from negative 4.5% in the year-earlier period.

Total revenue declined 9.2% on an annual basis to 652.4 million rupees from 718.8 million rupees, and total operating expenses decreased 7.8% on an annual basis to 692.4 million rupees from 750.8 million rupees.

Reported net income totaled a loss of 62.5 million rupees, or a loss of 3.94 rupees per share, compared to a loss of 52.0 million rupees, or a loss of 3.28 rupees per share, in the prior-year period.

As of Oct. 23, US$1 was equivalent to 64.89 Indian rupees.