Treet Corp. Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 88 Pakistani paisa per share, a decrease of 54.5% from 1.93 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 49.2 million rupees, a decrease of 56.7% from 113.7 million rupees in the year-earlier period.

The normalized profit margin fell to 4.8% from 6.7% in the year-earlier period.

Total revenue rose year over year to 1.77 billion rupees from 1.70 billion rupees, and total operating expenses totaled 1.63 billion rupees, compared with 1.62 billion rupees in the prior-year period.

Reported net income decreased 60.8% on an annual basis to 67.6 million rupees, or 1.21 rupees per share, from 172.4 million rupees, or 2.93 rupees per share.

As of Oct. 29, US$1 was equivalent to 103.05 Pakistani rupees.