Ponni Sugars (Erode) Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 67 Indian paise per share, a decrease of 85.3% from 4.57 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 5.8 million rupees, a decline of 85.2% from 39.3 million rupees in the prior-year period.

The normalized profit margin fell to 1.0% from 5.8% in the year-earlier period.

Total revenue fell 17.6% on an annual basis to 556.3 million rupees from 675.0 million rupees, and total operating expenses declined 11.7% from the prior-year period to 538.4 million rupees from 609.4 million rupees.

Reported net income decreased 95.9% on an annual basis to 1.3 million rupees, or 15 paise per share, from 31.8 million rupees, or 3.70 rupees per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.