Kalpa Commercial Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 83,130 rupees, a decline of 56.5% from 191,180 rupees in the year-earlier period.

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

The normalized profit margin fell to 0.7% from 1.0% in the year-earlier period.

Total revenue declined 34.6% year over year to 12.0 million rupees from 18.3 million rupees, and total operating expenses decreased 34.3% from the prior-year period to 11.8 million rupees from 18.0 million rupees.

Reported net income fell 56.4% on an annual basis to 92,000 rupees, or 1 paisa per share, from 211,060 rupees, or 21 paise per share.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.