Hipolin Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 515,000 rupees, compared with a loss of 386,250 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 1.1% from negative 0.6% in the year-earlier period.

Total revenue declined 31.7% on an annual basis to 46.9 million rupees from 68.7 million rupees, and total operating expenses decreased 31.7% on an annual basis to 48.4 million rupees from 70.9 million rupees.

Reported net income totaled a loss of 824,000 rupees, or a loss of 26 paise per share, compared to a loss of 618,000 rupees in the prior-year period.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.