Rainbow Denim Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 4.91 Indian rupees per share, compared with a loss of 2.61 rupees 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 65.2 million rupees, compared with a loss of 34.7 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 20.8% from negative 10.8% in the year-earlier period.

Total revenue fell on an annual basis to 313.1 million rupees from 323.0 million rupees, and total operating expenses grew 11.2% year over year to 395.0 million rupees from 355.3 million rupees.

Reported net income came to a loss of 104.3 million rupees, or a loss of 7.85 rupees per share, compared to a loss of 55.6 million rupees, or a loss of 4.18 rupees per share, in the prior-year period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.