Monte Carlo Fashions Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 79 Indian paise per share, a decline of 77.9% from 3.59 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 17.3 million rupees, a decline of 77.8% from 78.1 million rupees in the prior-year period.

The normalized profit margin dropped to 2.5% from 10.5% in the year-earlier period.

Total revenue fell 7.8% on an annual basis to 688.8 million rupees from 746.7 million rupees, and total operating expenses climbed 5.2% year over year to 662.9 million rupees from 630.4 million rupees.

Reported net income declined 82.6% year over year to 14.8 million rupees, or 68 paise per share, from 85.2 million rupees, or 3.92 rupees per share.

As of Aug. 6, US$1 was equivalent to 63.70 Indian rupees.