KMG Milk Food Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 19 Indian paise per share, a decrease of 26.2% from 26 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 1.0 million rupees, a decline of 24.8% from 1.4 million rupees in the prior-year period.

The normalized profit margin dropped to 22.5% from 30.0% in the year-earlier period.

Total revenue totaled 4.6 million rupees, compared with 4.6 million rupees in the prior-year period, and total operating expenses increased 23.2% on an annual basis to 3.0 million rupees from 2.4 million rupees.

Reported net income decreased 24.8% year over year to 1.7 million rupees, or 31 paise per share, from 2.2 million rupees, or 42 paise per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.