LML Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.69 Indian rupees per share, compared with a loss of 1.63 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 a loss of 138.4 million rupees, compared with a loss of 133.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 32.4% from negative 19.5% in the year-earlier period.

Total revenue decreased 38.9% on an annual basis to 418.7 million rupees from 685.0 million rupees, and total operating expenses decreased 25.7% year over year to 546.6 million rupees from 735.6 million rupees.

Reported net income totaled a loss of 219.4 million rupees, or a loss of 2.68 rupees per share, compared to a loss of 240.5 million rupees, or a loss of 2.93 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 6.20 rupees per share, compared with a loss of 5.35 rupees per share in the prior year.

Normalized net income was a loss of 508.1 million rupees, compared with a loss of 438.6 million rupees in the prior year.

Full-year total revenue declined 22.2% from the prior-year period to 2.04 billion rupees from 2.62 billion rupees, and total operating expenses fell 15.8% on an annual basis to 2.44 billion rupees from 2.90 billion rupees.

The company said reported net income came to a loss of 810.9 million rupees, or a loss of 9.89 rupees per share, in the full year, compared with a loss of 728.3 million rupees, or a loss of 8.88 rupees per share, the prior year.

As of Aug. 7, US$1 was equivalent to 63.74 Indian rupees.