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Majestic Auto fiscal Q3 loss widens 6.3% YOY

Majestic Auto Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 9.61 Indian rupees per share, compared with a loss of 9.04 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 99.9 million rupees, compared with a loss of 94.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 63.3% from negative 50.6% in the year-earlier period.

Total revenue fell 15.1% on an annual basis to 157.8 million rupees from 185.8 million rupees, and total operating expenses fell 5.5% on an annual basis to 290.6 million rupees from 307.6 million rupees.

Reported net income totaled a loss of 103.9 million rupees, or a loss of 9.99 rupees per share, compared to a loss of 137.9 million rupees, or a loss of 13.26 rupees per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.