Banaras Beads Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 15 Indian paise per share, compared with 37 paise 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 990,290 rupees, compared with income of 2.5 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.7% from 3.2% in the year-earlier period.

Total revenue decreased 27.8% year over year to 56.7 million rupees from 78.5 million rupees, and total operating expenses decreased 19.3% on an annual basis to 60.0 million rupees from 74.4 million rupees.

Reported net income came to a loss of 4.7 million rupees, or a loss of 70 paise per share, compared to income of 1.9 million rupees, or 28 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2.46 rupees per share, a decrease of 25.2% from 3.29 rupees per share in the prior year.

Normalized net income was 16.3 million rupees, a fall of 25.2% from 21.8 million rupees in the prior year.

Full-year total revenue decreased 11.3% from the prior-year period to 235.7 million rupees from 265.7 million rupees, and total operating expenses decreased 5.1% year over year to 218.4 million rupees from 230.2 million rupees.

The company said reported net income fell 37.8% year over year to 16.1 million rupees, or 2.42 rupees per share, in the full year, from 25.8 million rupees, or 3.89 rupees per share.

As of June 23, US$1 was equivalent to 63.56 Indian rupees.