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Clover Pakistan swings to profit in fiscal Q3

Clover Pakistan Ltd said its normalized net income for the fiscal third quarter ended March 31 came to 5 Pakistani paisa per share, compared with a loss of 91 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 451,880 rupees, compared with a loss of 8.6 million rupees in the prior-year period.

The normalized profit margin climbed to 1,129.7% from negative 138.5% in the year-earlier period.

Total revenue declined 99.4% on an annual basis to 40,000 rupees from 6.2 million rupees.

Reported net income totaled a loss of 390,000 rupees, or a loss of 4 paisa per share, compared to a loss of 14.4 million rupees, or a loss of 1.53 rupees per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.