Arex Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.32 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.51 rupees per share.

EPS decreased 28.1% year over year from 1.84 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.2 million rupees, a decline of 27.9% from 7.3 million rupees in the prior-year period.

The normalized profit margin fell to 6.9% from 8.5% in the year-earlier period.

Total revenue fell 12.0% on an annual basis to 75.5 million rupees from 85.8 million rupees, and total operating expenses fell 9.9% on an annual basis to 65.2 million rupees from 72.4 million rupees.

Reported net income decreased 50.3% on an annual basis to 5.2 million rupees, or 1.30 rupees per share, from 10.4 million rupees, or 2.62 rupees per share.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.