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Autoline Industries fiscal Q1 loss widens 65.2% YOY

Autoline Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 54.5 million rupees, compared with a loss of 33.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 3.3% from negative 1.9% in the year-earlier period.

Total revenue declined 6.2% on an annual basis to 1.67 billion rupees from 1.78 billion rupees, and total operating expenses declined from the prior-year period to 1.67 billion rupees from 1.75 billion rupees.

Reported net income came to a loss of 87.3 million rupees, or a loss of 7.09 rupees per share, compared to a loss of 59.9 million rupees in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.