Mayur Leather Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 6 Indian paise per share, compared with 92 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 281,880 rupees, compared with income of 4.5 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.4% from 6.4% in the year-earlier period.

Total revenue declined on an annual basis to 67.5 million rupees from 70.1 million rupees, and total operating expenses increased 7.4% on an annual basis to 68.4 million rupees from 63.7 million rupees.

Reported net income totaled a loss of 612,000 rupees, or a loss of 13 paise per share, compared to income of 5.7 million rupees, or 1.17 rupees per share, in the year-earlier period.

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