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Nishat (Chunian) fiscal Q3 profit falls YOY

Nishat (Chunian) Ltd said its normalized net income for the fiscal third quarter ended March 31 was 24 Pakistani paisa per share, a decline of 52.6% from 50 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 47.2 million rupees, a decline of 65.6% from 137.2 million rupees in the prior-year period.

The normalized profit margin dropped to 0.5% from 1.0% in the year-earlier period.

Total revenue fell 22.5% on an annual basis to 10.16 billion rupees from 13.11 billion rupees, and total operating expenses declined 24.4% from the prior-year period to 8.64 billion rupees from 11.44 billion rupees.

Reported net income decreased 33.8% from the prior-year period to 225.7 million rupees, or 1.13 rupees per share, from 341.2 million rupees, or 1.24 rupees per share.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.