Pioneer Distilleries Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 6.59 Indian rupees per share, compared with a loss of 3.89 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 a loss of 88.2 million rupees, compared with a loss of 52.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 33.7% from negative 17.5% in the year-earlier period.

Total revenue decreased 12.3% year over year to 261.5 million rupees from 298.1 million rupees, and total operating expenses rose from the prior-year period to 352.3 million rupees from 343.3 million rupees.

Reported net income totaled a loss of 141.2 million rupees, or a loss of 10.54 rupees per share, compared to a loss of 83.2 million rupees, or a loss of 6.22 rupees per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.