Uday Jewellery Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 20 Indian paise per share, compared with a loss of 9 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 1.9 million rupees, compared with a loss of 883,750 rupees in the year-earlier period.

The normalized profit margin rose to 6.4% from negative 2.4% in the year-earlier period.

Total revenue declined 20.3% on an annual basis to 29.0 million rupees from 36.4 million rupees, and total operating expenses decreased 31.2% on an annual basis to 26.0 million rupees from 37.8 million rupees.

Reported net income came to 2.4 million rupees, or 26 paise per share, compared to a loss of 1.4 million rupees, or a loss of 15 paise per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.