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Automotive Stampings & Assemblies fiscal Q1 loss widens YOY

Automotive Stampings and Assemblies Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 2.63 Indian rupees per share, compared with a loss of 1.06 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 41.7 million rupees, compared with a loss of 16.7 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 6.2% from negative 1.8% in the year-earlier period.

Total revenue declined 27.5% on an annual basis to 668.2 million rupees from 921.5 million rupees, and total operating expenses declined 23.3% from the prior-year period to 716.1 million rupees from 933.8 million rupees.

Reported net income came to a loss of 45.9 million rupees, or a loss of 2.89 rupees per share, compared to a loss of 18.5 million rupees, or a loss of 1.17 rupees per share, in the year-earlier period.

As of July 22, US$1 was equivalent to 60.17 Indian rupees.