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Porwal Auto Components swings to profit in fiscal Q3

Porwal Auto Components Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 4 Indian paise per share, compared with a loss of 6 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 596,880 rupees, compared with a loss of 978,750 rupees in the year-earlier period.

The normalized profit margin rose to 0.4% from negative 1.0% in the year-earlier period.

Total revenue increased 62.3% year over year to 156.0 million rupees from 96.1 million rupees, and total operating expenses rose 55.4% year over year to 150.2 million rupees from 96.6 million rupees.

Reported net income totaled 955,000 rupees, or 6 paise per share, compared to a loss of 1.6 million rupees, or a loss of 10 paise per share, in the year-earlier period.

As of Jan. 30, US$1 was equivalent to 62.01 Indian rupees.