Maral Overseas Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 54 Indian paise per share, a decline of 39.2% from 88 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 35.6 million rupees, a decline of 42.3% from 61.8 million rupees in the prior-year period.

The normalized profit margin fell to 2.2% from 4.0% in the year-earlier period.

Total revenue rose 6.9% on an annual basis to 1.64 billion rupees from 1.53 billion rupees, and total operating expenses rose 12.8% on an annual basis to 1.57 billion rupees from 1.39 billion rupees.

Reported net income declined 51.9% year over year to 45.1 million rupees, or 68 paise per share, from 93.7 million rupees, or 1.34 rupees per share.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.