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Lumax Automotive Systems swings to loss in fiscal Q3

Lumax Automotive Systems Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 2.10 Indian rupees per share, compared with 34 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 a loss of 15.5 million rupees, compared with income of 2.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 9.8% from 1.1% in the year-earlier period.

Total revenue decreased 26.7% year over year to 159.2 million rupees from 217.1 million rupees, and total operating expenses declined 15.7% from the prior-year period to 162.3 million rupees from 192.7 million rupees.

Reported net income totaled a loss of 24.2 million rupees, or a loss of 3.26 rupees per share, compared to income of 84,000 rupees, or 1 paise per share, in the prior-year period.

As of March 31, US$1 was equivalent to 62.42 Indian rupees.