Raj Rayon Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 52 Indian paise per share, compared with a loss of 12 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 140.0 million rupees, compared with a loss of 31.6 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 131.2% from negative 1.7% in the year-earlier period.

Total revenue fell 94.2% year over year to 106.7 million rupees from 1.85 billion rupees, and total operating expenses fell 87.1% year over year to 233.5 million rupees from 1.82 billion rupees.

Reported net income came to a loss of 153.2 million rupees, or a loss of 57 paise per share, compared to a loss of 34.7 million rupees, or a loss of 13 paise per share, in the prior-year period.

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