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Enkei Wheels swings to profit in fiscal Q4

Enkei Wheels (India) Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 48 Indian paise per share, compared with a loss of 1.03 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 6.6 million rupees, compared with a loss of 13.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.0% from negative 1.2% in the year-earlier period.

Total revenue declined 40.1% on an annual basis to 669.7 million rupees from 1.12 billion rupees, and total operating expenses decreased 47.7% from the prior-year period to 563.7 million rupees from 1.08 billion rupees.

Reported net income totaled a loss of 124.4 million rupees, or a loss of 9.16 rupees per share, compared to a loss of 10.7 million rupees, or a loss of 80 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled 4.26 rupees per share, an increase from 88 paise per share in the prior year.

Normalized net income was 57.8 million rupees, a gain from 11.4 million rupees in the prior year.

Full-year total revenue totaled 3.86 billion rupees, compared with 3.84 billion rupees in the prior year, and total operating expenses decreased on an annual basis to 3.63 billion rupees from 3.70 billion rupees.

The company said reported net income totaled a loss of 54.7 million rupees, or a loss of 4.03 rupees per share, in the full year, compared with income of 22.8 million rupees, or 1.76 rupees per share, the prior year.

As of Aug. 5, US$1 was equivalent to 66.83 Indian rupees.