The Ugar Sugar Works Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 1.09 Indian rupees per share, a decline of 62.6% from 2.92 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 122.6 million rupees, a decrease of 62.6% from 328.1 million rupees in the prior-year period.

The normalized profit margin dropped to 6.7% from 12.6% in the year-earlier period.

Total revenue declined 29.9% year over year to 1.83 billion rupees from 2.61 billion rupees, and total operating expenses declined 20.7% on an annual basis to 1.61 billion rupees from 2.03 billion rupees.

Reported net income declined 47.6% on an annual basis to 231.5 million rupees, or 2.06 rupees per share, from 441.9 million rupees, or 3.93 rupees per share.

For the year, the company's normalized net income totaled a loss of 34 paise per share, compared with a loss of 1.53 rupees per share in the prior year.

Normalized net income was a loss of 38.6 million rupees, compared with a loss of 172.6 million rupees in the prior year.

Full-year total revenue grew from the prior-year period to 6.52 billion rupees from 6.42 billion rupees, and total operating expenses came to 6.45 billion rupees, compared with 6.43 billion rupees in the year-earlier period.

The company said reported net income totaled a loss of 32.5 million rupees, or a loss of 29 paise per share, in the full year, compared with a loss of 297.6 million rupees, or a loss of 2.65 rupees per share, the prior year.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.