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Sibar Auto Parts fiscal Q3 profit falls YOY

Sibar Auto Parts Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 3 Indian paise per share, a decline of 58.0% from 7 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 260,000 rupees, a decrease of 32.2% from 383,750 rupees in the prior-year period.

The normalized profit margin dropped to 0.7% from 1.2% in the year-earlier period.

Total revenue increased 18.8% on an annual basis to 39.5 million rupees from 33.2 million rupees, and total operating expenses climbed 19.7% on an annual basis to 39.1 million rupees from 32.7 million rupees.

Reported net income decreased 32.2% year over year to 416,000 rupees, or 5 paise per share, from 614,000 rupees, or 11 paise per share.

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