Khaitan (India) Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1.66 Indian rupees per share, compared with a loss of 1.53 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 7.9 million rupees, compared with a loss of 7.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 19.3% from negative 11.4% in the year-earlier period.

Total revenue fell 36.0% year over year to 40.8 million rupees from 63.7 million rupees, and total operating expenses declined 36.1% on an annual basis to 41.3 million rupees from 64.6 million rupees.

Reported net income came to a loss of 12.6 million rupees, or a loss of 2.65 rupees per share, compared to a loss of 11.6 million rupees, or a loss of 2.45 rupees per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.