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Chenab fiscal Q3 loss widens 15.5% YOY

Chenab Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 60 Pakistani paisa per share, compared with a loss of 53 paisa 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 69.7 million rupees, compared with a loss of 60.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 13.5% from negative 10.6% in the year-earlier period.

Total revenue declined 9.4% on an annual basis to 514.9 million rupees from 568.1 million rupees, and total operating expenses fell 6.4% from the prior-year period to 601.9 million rupees from 642.8 million rupees.

Reported net income came to a loss of 114.2 million rupees, or a loss of 99 paisa per share, compared to a loss of 98.3 million rupees, or a loss of 86 paisa per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 104.66 Pakistani rupees.