Binny Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 33 Indian paise per share, a decrease of 47.9% from 64 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million rupees, a decline of 48.4% from 2.0 million rupees in the year-earlier period.

The normalized profit margin declined to 5.9% from 11.3% in the year-earlier period.

Total revenue totaled 18.0 million rupees, compared with 18.2 million rupees in the prior-year period, and total operating expenses grew 9.5% from the prior-year period to 16.3 million rupees from 14.9 million rupees.

Reported net income fell 51.2% on an annual basis to 1.1 million rupees, or 35 paise per share, from 2.3 million rupees, or 71 paise per share.

As of July 31, US$1 was equivalent to 63.88 Indian rupees.