Ashima Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 1.67 Indian rupees per share, compared with a loss of 2.33 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 51.9 million rupees, compared with a loss of 74.2 million rupees in the year-earlier period.

The normalized profit margin rose to negative 10.6% from negative 11.9% in the year-earlier period.

Total revenue fell 21.6% year over year to 489.2 million rupees from 624.4 million rupees, and total operating expenses decreased 26.8% on an annual basis to 536.7 million rupees from 733.1 million rupees.

Reported net income totaled a loss of 83.1 million rupees, or a loss of 2.67 rupees per share, compared to a loss of 118.7 million rupees, or a loss of 3.73 rupees per share, in the year-earlier period.

As of Oct. 28, US$1 was equivalent to 64.92 Indian rupees.