Piccadily Sugar & Allied Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 8 Indian paise per share, compared with a loss of 1 paise 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 1.9 million rupees, compared with a loss of 282,500 rupees in the prior-year period.

The normalized profit margin dropped to negative 7.2% from negative 0.7% in the year-earlier period.

Total revenue decreased 31.6% year over year to 26.1 million rupees from 38.2 million rupees, and total operating expenses declined 25.0% on an annual basis to 28.4 million rupees from 37.9 million rupees.

Reported net income totaled a loss of 1.8 million rupees, or a loss of 8 paise per share, compared to a loss of 2.2 million rupees, or a loss of 9 paise per share, in the prior-year period.

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