H P Cotton Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 37 Indian paise per share, a decline of 80.1% from 1.85 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.4 million rupees, a decrease of 79.6% from 7.1 million rupees in the prior-year period.

The normalized profit margin fell to 0.7% from 3.4% in the year-earlier period.

Total revenue fell on an annual basis to 203.5 million rupees from 207.5 million rupees, and total operating expenses grew from the prior-year period to 196.7 million rupees from 192.0 million rupees.

Reported net income decreased 78.9% on an annual basis to 1.6 million rupees, or 41 paise per share, from 7.6 million rupees, or 1.99 rupees per share.

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