KG Petrochem Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 4 Indian paise per share, a decrease of 98.8% from 3.36 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 207,500 rupees, a decline of 98.8% from 17.5 million rupees in the year-earlier period.

The normalized profit margin declined to 0.1% from 5.6% in the year-earlier period.

Total revenue grew on an annual basis to 325.5 million rupees from 312.7 million rupees, and total operating expenses increased 10.9% from the prior-year period to 312.4 million rupees from 281.8 million rupees.

Reported net income fell 95.0% from the prior-year period to 945,000 rupees, or 18 paise per share, from 19.1 million rupees, or 3.66 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.