Rane Engine Valve Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 8.65 Indian rupees per share, compared with a loss of 5.71 rupees 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 58.2 million rupees, compared with a loss of 38.4 million rupees in the prior-year period.

The normalized profit margin declined to negative 6.2% from negative 1.9% in the year-earlier period.

Total revenue decreased 53.2% on an annual basis to 931.6 million rupees from 1.99 billion rupees, and total operating expenses decreased 50.5% from the prior-year period to 982.7 million rupees from 1.99 billion rupees.

Reported net income totaled a loss of 66.5 million rupees, or a loss of 9.89 rupees per share, compared to income of 270.6 million rupees, or 40.28 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 31.97 rupees per share, compared with a loss of 10.75 rupees per share in the prior year.

Normalized net income was a loss of 214.8 million rupees, compared with a loss of 72.3 million rupees in the prior year.

Full-year total revenue fell 11.5% on an annual basis to 3.50 billion rupees from 3.95 billion rupees, and total operating expenses declined on an annual basis to 3.72 billion rupees from 3.91 billion rupees.

The company said reported net income came to a loss of 125.4 million rupees, or a loss of 18.66 rupees per share, in the full year, compared with income of 234.8 million rupees, or 34.94 rupees per share, the prior year.

As of June 24, US$1 was equivalent to 67.83 Indian rupees.