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Pakistan Services fiscal Q3 profit falls YOY

Pakistan Services Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 237.0 million rupees, a decrease of 58.7% from 573.1 million 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 10.5% from 27.7% in the year-earlier period.

Total revenue rose 9.0% on an annual basis to 2.26 billion rupees from 2.07 billion rupees, and total operating expenses increased 11.4% from the prior-year period to 1.71 billion rupees from 1.54 billion rupees.

Reported net income came to 190.5 million rupees, compared with 720.6 million rupees in the year-earlier period.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.