Rico Auto Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 66 Indian paise per share, compared with a loss of 40 paise per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 89.2 million rupees, compared with a loss of 53.8 million rupees in the prior-year period.
The normalized profit margin increased to 3.4% from negative 1.5% in the year-earlier period.
Total revenue decreased 25.7% year over year to 2.59 billion rupees from 3.48 billion rupees, and total operating expenses decreased 30.3% year over year to 2.44 billion rupees from 3.49 billion rupees.
Reported net income fell 94.5% on an annual basis to 87.6 million rupees, or 65 paise per share, from 1.60 billion rupees, or 11.84 rupees per share.
As of Feb. 5, US$1 was equivalent to 67.80 Indian rupees.