Ashima Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 1.09 Indian rupees per share, compared with a loss of 21 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 36.3 million rupees, compared with a loss of 3.2 million rupees in the prior-year period.

The normalized profit margin fell to negative 6.3% from negative 0.4% in the year-earlier period.

Total revenue fell 23.1% year over year to 573.2 million rupees from 745.8 million rupees, and total operating expenses declined 18.4% on an annual basis to 603.6 million rupees from 739.9 million rupees.

Reported net income totaled a loss of 58.0 million rupees, or a loss of 1.75 rupees per share, compared to a loss of 5.1 million rupees, or a loss of 33 paise per share, in the year-earlier period.

As of Feb. 5, US$1 was equivalent to 67.80 Indian rupees.