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Rico Auto Industries swings to profit in fiscal Q1

Rico Auto Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 12 Indian paise per share, compared with a loss of 6 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.8 million rupees, compared with a loss of 8.9 million rupees in the year-earlier period.

The normalized profit margin rose to 0.5% from negative 0.2% in the year-earlier period.

Total revenue decreased 6.7% on an annual basis to 3.46 billion rupees from 3.71 billion rupees, and total operating expenses declined 5.9% from the prior-year period to 3.38 billion rupees from 3.60 billion rupees.

Reported net income totaled a loss of 12.8 million rupees, or a loss of 9 paise per share, compared to a loss of 19.5 million rupees, or a loss of 14 paise per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.