Uttam Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 5.59 Indian rupees per share, compared with a loss of 11.02 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 205.4 million rupees, compared with a loss of 411.8 million rupees in the year-earlier period.

The normalized profit margin increased to negative 13.0% from negative 32.0% in the year-earlier period.

Total revenue increased 23.2% on an annual basis to 1.58 billion rupees from 1.29 billion rupees, and total operating expenses came to 1.74 billion rupees, compared with 1.75 billion rupees in the prior-year period.

Reported net income came to a loss of 356.4 million rupees, or a loss of 9.70 rupees per share, compared to a loss of 647.6 million rupees, or a loss of 17.33 rupees per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.