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Automotive Stampings & Assemblies fiscal Q3 loss widens 34.8% YOY

Automotive Stampings and Assemblies Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 2.42 Indian rupees per share, compared with a loss of 1.79 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 38.3 million rupees, compared with a loss of 28.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 5.1% from negative 4.1% in the year-earlier period.

Total revenue increased 10.1% year over year to 754.7 million rupees from 685.1 million rupees, and total operating expenses increased 11.5% on an annual basis to 795.1 million rupees from 713.0 million rupees.

Reported net income totaled a loss of 70.4 million rupees, or a loss of 4.44 rupees per share, compared to a loss of 31.1 million rupees, or a loss of 1.96 rupees per share, in the prior-year period.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.