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Rafhan Maize Product Q1 profit climbs 23.0% YOY

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Rafhan Maize Product Q1 profit climbs 23.0% YOY

Rafhan Maize Product Company Ltd said its first-quarter normalized net income amounted to 67.06 Pakistani rupees per share, an increase of 23.0% from 54.53 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 619.4 million rupees, a gain of 23.0% from 503.6 million rupees in the prior-year period.

The normalized profit margin climbed to 10.3% from 8.2% in the year-earlier period.

Total revenue decreased year over year to 6.02 billion rupees from 6.16 billion rupees, and total operating expenses decreased 5.4% on an annual basis to 5.02 billion rupees from 5.31 billion rupees.

Reported net income increased 21.9% on an annual basis to 681.5 million rupees, or 73.79 rupees per share, from 559.1 million rupees, or 60.53 rupees per share.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.