Modern Dairies Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.22 Indian rupees per share, compared with a loss of 74 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 a loss of 28.4 million rupees, compared with a loss of 17.4 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.1% from negative 1.1% in the year-earlier period.

Total revenue decreased 16.4% on an annual basis to 1.37 billion rupees from 1.63 billion rupees, and total operating expenses declined 16.2% from the prior-year period to 1.36 billion rupees from 1.63 billion rupees.

Reported net income totaled a loss of 44.1 million rupees, or a loss of 1.89 rupees per share, compared to a loss of 20.2 million rupees, or a loss of 86 paise per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 63.74 Indian rupees.