Sazgar Engineering Works Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 1.75 Pakistani rupees per share, an increase of 59.9% from 1.09 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 37.7 million rupees, an increase of 59.9% from 23.5 million rupees in the year-earlier period.

The normalized profit margin increased to 4.1% from 3.2% in the year-earlier period.

Total revenue increased 25.5% on an annual basis to 928.4 million rupees from 739.5 million rupees, and total operating expenses increased 23.9% on an annual basis to 867.5 million rupees from 700.4 million rupees.

Reported net income grew 66.8% on an annual basis to 42.0 million rupees, or 1.95 rupees per share, from 25.2 million rupees, or 1.17 rupees per share.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.