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Sibar Auto Parts fiscal Q1 profit falls YOY

Sibar Auto Parts Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2 Indian paise per share, a decrease of 80.0% from 11 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 189,380 rupees, a decline of 67.5% from 583,130 rupees in the prior-year period.

The normalized profit margin declined to 0.5% from 2.4% in the year-earlier period.

Total revenue climbed 47.2% on an annual basis to 36.3 million rupees from 24.7 million rupees, and total operating expenses increased 51.5% year over year to 36.1 million rupees from 23.8 million rupees.

Reported net income declined 67.5% on an annual basis to 303,000 rupees, or 3 paise per share, from 933,000 rupees, or 17 paise per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.