Kesar Enterprises Ltd. said its normalized net income for the first quarter amounted to a loss of 10.88 Indian rupees per share, compared with 3.63 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 108.8 million rupees, compared with income of 31.6 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 12.2% from 2.7% in the year-earlier period.

Total revenue decreased 22.9% year over year to 889.3 million rupees from 1.15 billion rupees, and total operating expenses fell year over year to 977.3 million rupees from 1.02 billion rupees.

Reported net income came to a loss of 174.1 million rupees, or a loss of 17.41 rupees per share, compared to income of 50.6 million rupees, or 5.81 rupees per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 63.54 Indian rupees.