Golkunda Diamonds & Jewellery Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 33 Indian paise per share, a decline of 45.9% from 62 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.3 million rupees, a decrease of 46.2% from 4.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.8% from 1.7% in the year-earlier period.

Total revenue climbed 11.2% on an annual basis to 276.1 million rupees from 248.4 million rupees, and total operating expenses increased 13.7% year over year to 267.3 million rupees from 235.1 million rupees.

Reported net income decreased 47.3% on an annual basis to 2.5 million rupees, or 36 paise per share, from 4.7 million rupees, or 68 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.