Asian Tea & Exports Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 9 Indian paise per share, an increase of 40.0% from 6 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 901,880 rupees, a gain of 38.9% from 649,380 rupees in the year-earlier period.

The normalized profit margin dropped to 1.4% from 1.6% in the year-earlier period.

Total revenue climbed 59.7% year over year to 63.3 million rupees from 39.6 million rupees, and total operating expenses grew 60.4% on an annual basis to 60.0 million rupees from 37.4 million rupees.

Reported net income rose 38.9% year over year to 1.4 million rupees, or 14 paise per share, from 1.0 million rupees, or 10 paise per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.