SBEC Sugar Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 1.15 Indian rupees per share, compared with a loss of 2.52 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 54.9 million rupees, compared with a loss of 120.1 million rupees in the year-earlier period.

The normalized profit margin increased to negative 10.7% from negative 11.6% in the year-earlier period.

Total revenue declined 50.3% on an annual basis to 513.1 million rupees from 1.03 billion rupees, and total operating expenses decreased 51.2% on an annual basis to 588.1 million rupees from 1.20 billion rupees.

Reported net income totaled a loss of 91.8 million rupees, or a loss of 1.93 rupees per share, compared to a loss of 193.6 million rupees, or a loss of 4.06 rupees per share, in the year-earlier period.

As of Feb. 10, US$1 was equivalent to 67.87 Indian rupees.