Bata Pakistan Ltd said its normalized net income for the third quarter came to 38.61 Pakistani rupees per share, a decline of 36.8% from 61.07 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 291.9 million rupees, a decrease of 36.8% from 461.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 7.8% from 10.9% in the year-earlier period.

Total revenue decreased 11.9% on an annual basis to 3.73 billion rupees from 4.23 billion rupees, and total operating expenses decreased 6.7% year over year to 3.25 billion rupees from 3.49 billion rupees.

Reported net income declined 33.5% year over year to 354.7 million rupees, or 46.92 rupees per share, from 533.6 million rupees, or 70.58 rupees per share.

As of Nov. 1, US$1 was equivalent to 104.78 Pakistani rupees.