Raj Oil Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 45 Indian paise per share, compared with a loss of 71 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 31.8 million rupees, compared with a loss of 50.3 million rupees in the prior-year period.

The normalized profit margin climbed to negative 22.7% from negative 27.7% in the year-earlier period.

Total revenue declined 23.0% on an annual basis to 139.9 million rupees from 181.8 million rupees, and total operating expenses declined 27.6% on an annual basis to 189.1 million rupees from 261.3 million rupees.

Reported net income came to a loss of 50.9 million rupees, or a loss of 72 paise per share, compared to a loss of 53.8 million rupees, or a loss of 76 paise per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.