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Sibar Auto Parts swings to loss in fiscal Q3

Sibar Auto Parts Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 649,380 rupees, compared with income of 260,000 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 2.2% from 0.7% in the year-earlier period.

Total revenue decreased 24.5% year over year to 29.8 million rupees from 39.5 million rupees, and total operating expenses decreased 22.8% on an annual basis to 30.2 million rupees from 39.1 million rupees.

Reported net income came to a loss of 1.0 million rupees, compared with income of 416,000 rupees, or 5 paise per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 68.37 Indian rupees.