The Ugar Sugar Works Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1.66 Indian rupees per share, compared with a loss of 65 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 187.1 million rupees, compared with a loss of 73.3 million rupees in the year-earlier period.

The normalized profit margin climbed to 20.1% from negative 5.5% in the year-earlier period.

Total revenue declined 30.2% on an annual basis to 930.5 million rupees from 1.33 billion rupees, and total operating expenses fell 62.2% from the prior-year period to 536.3 million rupees from 1.42 billion rupees.

Reported net income totaled 298.1 million rupees, or 2.65 rupees per share, compared to a loss of 107.3 million rupees, or a loss of 95 paise per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.