Shakarganj Ltd. said its normalized net income for the fiscal second quarter ended March 31 amounted to 41 Pakistani paisa per share, a decline of 46.6% from 77 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 31.1 million rupees, a decrease of 46.6% from 58.2 million rupees in the prior-year period.

The normalized profit margin rose to 1.0% from 1.0% in the year-earlier period.

Total revenue decreased 48.4% year over year to 3.02 billion rupees from 5.86 billion rupees, and total operating expenses fell 47.1% from the prior-year period to 3.03 billion rupees from 5.72 billion rupees.

Reported net income totaled a loss of 2.3 million rupees, or a loss of 3 paisa per share, compared to income of 30.1 million rupees, or 40 paisa per share, in the year-earlier period.

As of May 28, US$1 was equivalent to 101.92 Pakistani rupees.