Tyroon Tea Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 31 Indian paise per share, compared with a loss of 43 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 1.0 million rupees, compared with a loss of 1.5 million rupees in the year-earlier period.

The normalized profit margin increased to 10.7% from negative 6.2% in the year-earlier period.

Total revenue declined 59.1% year over year to 9.6 million rupees from 23.6 million rupees, and total operating expenses declined 56.6% from the prior-year period to 11.4 million rupees from 26.2 million rupees.

Reported net income totaled 1.6 million rupees, or 49 paise per share, compared to a loss of 2.4 million rupees, or a loss of 69 paise per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.