Hipolin Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 386,250 rupees, compared with income of 128,130 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 declined to negative 0.6% from 0.2% in the year-earlier period.

Total revenue fell 9.3% year over year to 68.7 million rupees from 75.8 million rupees, and total operating expenses decreased 6.8% year over year to 70.9 million rupees from 76.1 million rupees.

Reported net income totaled a loss of 618,000 rupees, compared with income of 205,000 rupees, or 7 paise per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 61.34 Indian rupees.