The Ugar Sugar Works Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 4 Indian paise per share, compared with a loss of 1.51 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 a loss of 4.6 million rupees, compared with a loss of 169.3 million rupees in the year-earlier period.

The normalized profit margin increased to negative 0.2% from negative 13.6% in the year-earlier period.

Total revenue climbed year over year to 2.79 billion rupees from 1.24 billion rupees, and total operating expenses rose 94.9% from the prior-year period to 2.75 billion rupees from 1.41 billion rupees.

Reported net income came to a loss of 7.3 million rupees, or a loss of 7 paise per share, compared to a loss of 253.7 million rupees, or a loss of 2.26 rupees per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.