Pradip Overseas Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 287.7 million rupees, compared with a loss of 204.9 million 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 fell to negative 55.1% from negative 13.9% in the year-earlier period.

Total revenue declined 64.7% year over year to 522.5 million rupees from 1.48 billion rupees, and total operating expenses fell 47.2% on an annual basis to 809.7 million rupees from 1.53 billion rupees.

Reported net income totaled a loss of 413.5 million rupees, compared with a loss of 312.1 million rupees in the prior-year period.

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