Shah Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 75 Indian paise per share, compared with a loss of 83 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 446,880 rupees, compared with a loss of 496,880 rupees in the year-earlier period.

The normalized profit margin increased to 47.5% from negative 7.9% in the year-earlier period.

Total revenue declined 85.1% on an annual basis to 941,000 rupees from 6.3 million rupees, and total operating expenses declined 95.4% from the prior-year period to 331,000 rupees from 7.2 million rupees.

Reported net income came to 565,000 rupees, or 95 paise per share, compared to a loss of 795,000 rupees, or a loss of 1.33 rupees per share, in the prior-year period.

As of July 28, US$1 was equivalent to 60.09 Indian rupees.