Olympic Oil Industries Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 8.27 Indian rupees per share, a decline of 42.1% from 14.28 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 23.6 million rupees, a decrease of 24.5% from 31.3 million rupees in the prior-year period.

The normalized profit margin dropped to 0.5% from 0.5% in the year-earlier period.

Total revenue declined 24.1% year over year to 4.90 billion rupees from 6.45 billion rupees, and total operating expenses decreased 24.3% from the prior-year period to 4.83 billion rupees from 6.38 billion rupees.

Reported net income declined 23.4% on an annual basis to 22.8 million rupees, or 7.97 rupees per share, from 29.7 million rupees, or 13.56 rupees per share.

For the year, the company's normalized net income totaled 28.92 rupees per share, a decrease of 5.5% from 30.61 rupees per share in the prior year.

Normalized net income was 82.5 million rupees, a decrease of 5.5% from 87.4 million rupees in the prior year.

Full-year total revenue increased 5.2% from the prior-year period to 19.76 billion rupees from 18.78 billion rupees, and total operating expenses increased 5.3% on an annual basis to 19.57 billion rupees from 18.58 billion rupees.

The company said reported net income decreased 7.1% year over year to 85.9 million rupees, or 30.10 rupees per share, in the full year, from 92.4 million rupees, or 32.38 rupees per share.

As of Aug. 12, US$1 was equivalent to 66.83 Indian rupees.