Sambandam Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 81 Indian paise per share, a decline of 89.7% from 7.90 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 3.5 million rupees, a decrease of 89.7% from 33.7 million rupees in the prior-year period.

The normalized profit margin fell to 0.7% from 4.8% in the year-earlier period.

Total revenue decreased 25.2% on an annual basis to 520.9 million rupees from 696.2 million rupees, and total operating expenses fell 19.9% year over year to 488.9 million rupees from 610.6 million rupees.

Reported net income fell 92.3% on an annual basis to 2.9 million rupees, or 68 paise per share, from 37.6 million rupees, or 8.82 rupees per share.

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