G.S. Auto International Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 55 Indian paise per share, compared with a loss of 22 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 a loss of 8.1 million rupees, compared with a loss of 2.6 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.2% from negative 0.9% in the year-earlier period.

Total revenue grew 21.3% year over year to 364.2 million rupees from 300.2 million rupees, and total operating expenses grew 21.7% from the prior-year period to 362.8 million rupees from 298.2 million rupees.

Reported net income totaled a loss of 10.0 million rupees, or a loss of 69 paise per share, compared to a loss of 3.0 million rupees, or a loss of 25 paise per share, in the year-earlier period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.