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Azgard Nine fiscal Q1 loss widens YOY

Azgard Nine Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 56 Pakistani paisa per share, compared with a loss of 54 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 257.4 million rupees, compared with a loss of 246.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 10.9% from negative 7.1% in the year-earlier period.

Total revenue fell 31.5% on an annual basis to 2.37 billion rupees from 3.46 billion rupees, and total operating expenses fell 28.3% on an annual basis to 2.49 billion rupees from 3.47 billion rupees.

Reported net income totaled a loss of 433.8 million rupees, or a loss of 95 paisa per share, compared to a loss of 427.7 million rupees, or a loss of 94 paisa per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.