Sri Lakshmi Saraswathi Textiles (Arni) Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 51 Indian paise per share, a decline of 79.7% from 2.52 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 1.7 million rupees, a decline of 79.8% from 8.4 million rupees in the prior-year period.

The normalized profit margin fell to 0.6% from 2.6% in the year-earlier period.

Total revenue declined 9.9% on an annual basis to 287.3 million rupees from 318.8 million rupees, and total operating expenses decreased 6.6% from the prior-year period to 282.2 million rupees from 302.3 million rupees.

Reported net income decreased 79.8% on an annual basis to 2.7 million rupees, or 82 paise per share, from 13.5 million rupees, or 4.04 rupees per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.