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Quice Food Industries swings to profit in fiscal Q3

Quice Food Industries Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 3 Pakistani paisa per share, compared with a loss of 3 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 1.7 million rupees, compared with a loss of 1.5 million rupees in the prior-year period.

The normalized profit margin rose to 4.2% from negative 8.3% in the year-earlier period.

Total revenue climbed on an annual basis to 40.7 million rupees from 18.2 million rupees, and total operating expenses increased 84.8% from the prior-year period to 38.0 million rupees from 20.5 million rupees.

Reported net income came to 2.6 million rupees, or 5 paisa per share, compared to a loss of 2.4 million rupees, or a loss of 5 paisa per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 101.84 Pakistani rupees.