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Rico Auto Industries swings to profit in fiscal Q3

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.