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Sibar Auto Parts swings to loss in fiscal Q2

Sibar Auto Parts Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 1,880 rupees, compared with income of 247,500 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 declined to negative 0.0% from 0.5% in the year-earlier period.

Total revenue fell 8.3% year over year to 44.0 million rupees from 47.9 million rupees, and total operating expenses declined 9.1% year over year to 43.3 million rupees from 47.6 million rupees.

Reported net income totaled a loss of 3,000 rupees, or a loss of 0 paise per share, compared to income of 396,000 rupees, or 4 paise per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 66.41 Indian rupees.