Pradip Overseas Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 204.9 million rupees, compared with a loss of 208.5 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 13.9% from negative 13.5% in the year-earlier period.

Total revenue fell on an annual basis to 1.48 billion rupees from 1.55 billion rupees, and total operating expenses decreased 12.0% year over year to 1.53 billion rupees from 1.74 billion rupees.

Reported net income totaled a loss of 312.1 million rupees, compared with a loss of 283.7 million rupees in the prior-year period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.