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Enkei Wheels swings to profit in fiscal Q2

Enkei Wheels (India) Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 1.30 Indian rupees per share, compared with a loss of 1.33 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 16.6 million rupees, compared with a loss of 16.3 million rupees in the year-earlier period.

The normalized profit margin rose to 1.7% from negative 2.0% in the year-earlier period.

Total revenue increased 18.2% on an annual basis to 951.9 million rupees from 805.3 million rupees, and total operating expenses increased 10.8% on an annual basis to 905.4 million rupees from 817.0 million rupees.

Reported net income came to 21.3 million rupees, or 1.67 rupees per share, compared to a loss of 26.1 million rupees, or a loss of 2.13 rupees per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 61.37 Indian rupees.