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Automotive Stampings & Assemblies fiscal Q2 loss widens YOY

Automotive Stampings and Assemblies Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 2.06 Indian rupees per share, compared with a loss of 43 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 32.6 million rupees, compared with a loss of 6.8 million rupees in the prior-year period.

The normalized profit margin dropped to negative 4.5% from negative 0.7% in the year-earlier period.

Total revenue decreased 25.5% year over year to 718.8 million rupees from 965.3 million rupees, and total operating expenses decreased 21.8% from the prior-year period to 750.8 million rupees from 960.5 million rupees.

Reported net income came to a loss of 52.0 million rupees, or a loss of 3.28 rupees per share, compared to a loss of 8.5 million rupees, or a loss of 53 paise per share, in the prior-year period.

As of Oct. 20, US$1 was equivalent to 61.26 Indian rupees.