Pearl Global Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 1.51 Indian rupees per share, a decrease of 48.5% from 2.93 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.6 million rupees, a decrease of 48.5% from 63.3 million rupees in the prior-year period.

The normalized profit margin increased to 1.4% from 0.6% in the year-earlier period.

Total revenue fell 78.1% year over year to 2.28 billion rupees from 10.40 billion rupees, and total operating expenses fell 78.8% from the prior-year period to 2.22 billion rupees from 10.44 billion rupees.

Reported net income decreased 16.2% on an annual basis to 53.8 million rupees, or 2.49 rupees per share, from 64.3 million rupees, or 2.97 rupees per share.

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