Modern Dairies Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 2.21 Indian rupees per share, compared with a loss of 2.10 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 51.6 million rupees, compared with a loss of 49.0 million rupees in the year-earlier period.

The normalized profit margin declined to negative 4.5% from negative 3.1% in the year-earlier period.

Total revenue fell 26.3% on an annual basis to 1.16 billion rupees from 1.57 billion rupees, and total operating expenses declined 25.6% year over year to 1.20 billion rupees from 1.61 billion rupees.

Reported net income totaled a loss of 82.6 million rupees, or a loss of 3.54 rupees per share, compared to a loss of 75.0 million rupees, or a loss of 3.21 rupees per share, in the prior-year period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.