Ghani Automobile Industries Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 10 Pakistani paisa per share, compared with a loss of 2 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.1 million rupees, compared with a loss of 1.4 million rupees in the year-earlier period.

The normalized profit margin fell to negative 48.5% from negative 3.8% in the year-earlier period.

Total revenue fell 61.5% on an annual basis to 13.7 million rupees from 35.7 million rupees, and total operating expenses decreased 35.8% on an annual basis to 24.1 million rupees from 37.6 million rupees.

Reported net income totaled a loss of 8.1 million rupees, or a loss of 16 paisa per share, compared to a loss of 2.2 million rupees, or a loss of 4 paisa per share, in the year-earlier period.

As of May 6, US$1 was equivalent to 104.67 Pakistani rupees.