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Lumax Automotive Systems swings to loss in fiscal Q1

Lumax Automotive Systems Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 1.67 Indian rupees per share, compared with 19 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 a loss of 12.4 million rupees, compared with income of 1.4 million rupees in the prior-year period.

The normalized profit margin declined to negative 6.5% from 0.7% in the year-earlier period.

Total revenue fell on an annual basis to 189.6 million rupees from 192.9 million rupees, and total operating expenses climbed 8.9% on an annual basis to 185.6 million rupees from 170.5 million rupees.

Reported net income totaled a loss of 21.2 million rupees, or a loss of 2.87 rupees per share, compared to income of 362,000 rupees, or 5 paise per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.