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Pakistan Services swings to profit in fiscal Q1

Pakistan Services Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 384.9 million rupees, compared with a loss of 18.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 18.3% from negative 1.1% in the year-earlier period.

Total revenue grew 32.8% on an annual basis to 2.10 billion rupees from 1.58 billion rupees, and total operating expenses increased 13.2% on an annual basis to 1.87 billion rupees from 1.66 billion rupees.

Reported net income totaled 541.2 million rupees, compared with a loss of 84.3 million rupees in the prior-year period.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.