Jindal Cotex Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 3.89 Indian rupees per share, compared with a loss of 8.41 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 a loss of 175.2 million rupees, compared with a loss of 378.7 million rupees in the prior-year period.

The normalized profit margin dropped to negative 70.5% from negative 61.2% in the year-earlier period.

Total revenue fell 59.8% year over year to 248.7 million rupees from 618.2 million rupees, and total operating expenses declined 61.2% on an annual basis to 411.2 million rupees from 1.06 billion rupees.

Reported net income totaled a loss of 296.6 million rupees, or a loss of 6.59 rupees per share, compared to a loss of 605.9 million rupees, or a loss of 13.46 rupees per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 66.08 Indian rupees.