Modern Dairies Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 1.93 Indian rupees per share, compared with a loss of 2.37 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 44.9 million rupees, compared with a loss of 55.2 million rupees in the year-earlier period.

The normalized profit margin fell to negative 4.2% from negative 3.4% in the year-earlier period.

Total revenue fell 34.3% on an annual basis to 1.08 billion rupees from 1.64 billion rupees, and total operating expenses declined 34.4% year over year to 1.10 billion rupees from 1.68 billion rupees.

Reported net income came to a loss of 71.8 million rupees, or a loss of 3.08 rupees per share, compared to a loss of 84.1 million rupees, or a loss of 3.60 rupees per share, in the year-earlier period.

As of Feb. 9, US$1 was equivalent to 67.92 Indian rupees.