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Enkei Wheels swings to profit in fiscal Q3

Enkei Wheels (India) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 37 Indian paise per share, compared with a loss of 2 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 4.8 million rupees, compared with a loss of 252,500 rupees in the year-earlier period.

The normalized profit margin climbed to 0.5% from negative 0.0% in the year-earlier period.

Total revenue grew 23.3% year over year to 973.5 million rupees from 789.2 million rupees, and total operating expenses rose 23.1% from the prior-year period to 948.4 million rupees from 770.6 million rupees.

Reported net income totaled 7.4 million rupees, or 58 paise per share, compared to a loss of 404,000 rupees, or a loss of 3 paise per share, in the prior-year period.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.