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Automotive Stampings & Assemblies fiscal Q1 loss narrows YOY

Automotive Stampings and Assemblies Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 2.31 Indian rupees per share, compared with a loss of 2.63 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 36.7 million rupees, compared with a loss of 41.7 million rupees in the prior-year period.

The normalized profit margin climbed to negative 5.8% from negative 6.2% in the year-earlier period.

Total revenue declined 5.0% on an annual basis to 634.5 million rupees from 668.2 million rupees, and total operating expenses fell 6.3% on an annual basis to 671.1 million rupees from 716.1 million rupees.

Reported net income came to a loss of 58.7 million rupees, or a loss of 3.70 rupees per share, compared to a loss of 45.9 million rupees, or a loss of 2.89 rupees per share, in the year-earlier period.

As of July 23, US$1 was equivalent to 63.86 Indian rupees.