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Clover Pakistan fiscal Q1 loss narrows YOY

Clover Pakistan Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 27 Pakistani paisa per share, compared with a loss of 27 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 a loss of 2.5 million rupees, compared with a loss of 2.6 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 24.6% from negative 27.4% in the year-earlier period.

Total revenue grew 8.6% on an annual basis to 10.2 million rupees from 9.4 million rupees, and total operating expenses increased 5.1% on an annual basis to 14.1 million rupees from 13.4 million rupees.

Reported net income came to a loss of 4.3 million rupees, or a loss of 46 paisa per share, compared to a loss of 4.5 million rupees, or a loss of 48 paisa per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.