Neelamalai Agro Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 8.81 Indian rupees per share, a decrease of 51.6% from 18.19 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 5.5 million rupees, a decline of 51.5% from 11.4 million rupees in the prior-year period.

The normalized profit margin dropped to 5.9% from 11.9% in the year-earlier period.

Total revenue declined year over year to 94.0 million rupees from 96.1 million rupees, and total operating expenses climbed 14.7% from the prior-year period to 90.8 million rupees from 79.2 million rupees.

Reported net income declined 53.2% year over year to 7.1 million rupees, or 11.39 rupees per share, from 15.3 million rupees, or 24.32 rupees per share.

As of Jan. 28, US$1 was equivalent to 68.14 Indian rupees.