TCI Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 41 Indian paise per share, compared with a loss of 96 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 a loss of 370,630 rupees, compared with a loss of 858,130 rupees in the year-earlier period.

The normalized profit margin declined to negative 16.8% from negative 14.8% in the year-earlier period.

Total revenue fell 62.0% on an annual basis to 2.2 million rupees from 5.8 million rupees, and total operating expenses declined 58.3% from the prior-year period to 3.1 million rupees from 7.5 million rupees.

Reported net income totaled a loss of 593,000 rupees, or a loss of 66 paise per share, compared to a loss of 1.4 million rupees, or a loss of 1.53 rupees per share, in the prior-year period.

As of Aug. 3, US$1 was equivalent to 63.97 Indian rupees.