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Automatic Systems Q1 loss narrows YOY

Automatic Systems Ltd. said its normalized net income for the first quarter amounted to a loss of 1.45 Mauritian rupees per share, compared with a loss of 2.65 rupees 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 5.2 million rupees, compared with a loss of 9.4 million rupees in the prior-year period.

The normalized profit margin increased to negative 14.5% from negative 44.0% in the year-earlier period.

Total revenue rose 69.5% year over year to 36.1 million rupees from 21.3 million rupees, and total operating expenses climbed 23.0% year over year to 43.9 million rupees from 35.7 million rupees.

Reported net income came to a loss of 7.1 million rupees, or a loss of 1.97 rupees per share, compared to a loss of 12.8 million rupees, or a loss of 3.62 rupees per share, in the prior-year period.

As of May 13, US$1 was equivalent to 35.13 Mauritian rupees.