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GS Auto International swings to loss in fiscal Q4

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GS Auto International swings to loss in fiscal Q4

G.S. Auto International Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 45 Indian paise per share, compared with 55 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.5 million rupees, compared with income of 6.0 million rupees in the year-earlier period.

The normalized profit margin fell to negative 1.4% from 1.6% in the year-earlier period.

Total revenue rose 21.5% on an annual basis to 456.9 million rupees from 376.2 million rupees, and total operating expenses increased 29.2% on an annual basis to 454.2 million rupees from 351.6 million rupees.

Reported net income declined 97.6% on an annual basis to 72,000 rupees, or 0 paise per share, from 3.0 million rupees, or 28 paise per share.

For the year, the company's normalized net income totaled a loss of 2.55 rupees per share, compared with a loss of 2 paise per share in the prior year.

Normalized net income was a loss of 37.0 million rupees, compared with a loss of 255,340 rupees in the prior year.

Full-year total revenue rose 19.7% year over year to 1.55 billion rupees from 1.30 billion rupees, and total operating expenses rose 24.2% year over year to 1.56 billion rupees from 1.26 billion rupees.

The company said reported net income came to a loss of 42.2 million rupees, or a loss of 2.91 rupees per share, in the full year, compared with a loss of 1.8 million rupees, or a loss of 13 paise per share, the prior year.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.