Gem Spinners India Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 10 Indian paise per share, compared with a loss of 2 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.1 million rupees, compared with a loss of 1.3 million rupees in the year-earlier period.

The normalized profit margin fell to negative 131.0% from negative 3.1% in the year-earlier period.

Total revenue fell 89.1% on an annual basis to 4.6 million rupees from 42.6 million rupees, and total operating expenses fell 69.7% on an annual basis to 14.2 million rupees from 46.9 million rupees.

Reported net income came to a loss of 9.7 million rupees, or a loss of 16 paise per share, compared to a loss of 2.1 million rupees, or a loss of 3 paise per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.