Flora Corp. Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 1,880 rupees, a decrease of 89.6% from 18,130 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 fell to 0.5% from 5.0% in the year-earlier period.
Total revenue increased 9.6% year over year to 400,000 rupees from 365,000 rupees, and total operating expenses rose 18.2% from the prior-year period to 397,000 rupees from 336,000 rupees.
Reported net income came to 3,000 rupees, compared with 29,000 rupees in the year-earlier period.
As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.