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Automotive Stampings & Assemblies fiscal Q4 loss widens 68.8% YOY

Automotive Stampings and Assemblies Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 2.49 Indian rupees per share, compared with a loss of 1.48 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 39.5 million rupees, compared with a loss of 23.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 5.2% from negative 2.8% in the year-earlier period.

Total revenue fell 9.6% year over year to 763.3 million rupees from 844.6 million rupees, and total operating expenses decreased 7.1% on an annual basis to 804.0 million rupees from 865.0 million rupees.

Reported net income came to a loss of 63.4 million rupees, or a loss of 4.00 rupees per share, compared to a loss of 24.9 million rupees, or a loss of 1.57 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 9.59 rupees per share, compared with a loss of 4.75 rupees per share in the prior year.

Normalized net income was a loss of 152.2 million rupees, compared with a loss of 75.4 million rupees in the prior year.

Full-year total revenue declined 15.0% year over year to 2.91 billion rupees from 3.42 billion rupees, and total operating expenses declined 11.7% year over year to 3.07 billion rupees from 3.47 billion rupees.

The company said reported net income totaled a loss of 231.7 million rupees, or a loss of 14.61 rupees per share, in the full year, compared with a loss of 82.9 million rupees, or a loss of 5.23 rupees per share, the prior year.

As of June 26, US$1 was equivalent to 63.54 Indian rupees.