APM Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2.11 Indian rupees per share, a decline of 22.4% from 2.72 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 45.8 million rupees, a decline of 22.3% from 58.9 million rupees in the year-earlier period.

The normalized profit margin declined to 5.8% from 7.5% in the year-earlier period.

Total revenue came to 782.2 million rupees, compared with 788.1 million rupees in the year-earlier period, and total operating expenses grew on an annual basis to 712.5 million rupees from 694.0 million rupees.

Reported net income decreased 16.9% from the prior-year period to 48.7 million rupees, or 2.25 rupees per share, from 58.6 million rupees, or 2.71 rupees per share.

As of Aug. 7, US$1 was equivalent to 61.24 Indian rupees.