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General Tyre & Rubber Co. of Pakistan fiscal Q1 profit climbs YOY

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General Tyre & Rubber Co. of Pakistan fiscal Q1 profit climbs YOY

The General Tyre and Rubber Co. of Pakistan Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 2.73 Pakistani rupees per share, a gain from 92 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 162.7 million rupees, a gain from 55.1 million rupees in the year-earlier period.

The normalized profit margin increased to 7.6% from 3.0% in the year-earlier period.

Total revenue climbed 18.4% year over year to 2.15 billion rupees from 1.82 billion rupees, and total operating expenses rose 13.1% from the prior-year period to 1.87 billion rupees from 1.65 billion rupees.

Reported net income increased from the prior-year period to 180.3 million rupees, or 3.02 rupees per share, from 56.7 million rupees, or 95 paisa per share.

As of Oct. 29, US$1 was equivalent to 105.30 Pakistani rupees.