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Rico Auto Industries swings to loss in fiscal Q3

Rico Auto Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 40 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 32 paise per share.

The per-share result swung to a loss from the prior-year profit of 59 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 53.8 million rupees, compared with income of 79.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.5% from 2.2% in the year-earlier period.

Total revenue fell on an annual basis to 3.48 billion rupees from 3.54 billion rupees, and total operating expenses grew on an annual basis to 3.49 billion rupees from 3.33 billion rupees.

Reported net income increased year over year to 1.60 billion rupees, or 11.84 rupees per share, from 89.1 million rupees, or 66 paise per share.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.