Artistic Denim Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 58 Pakistani paisa per share, a decrease of 52.1% from 1.20 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 48.5 million rupees, a decline of 52.2% from 101.4 million rupees in the prior-year period.

The normalized profit margin fell to 2.8% from 6.2% in the year-earlier period.

Total revenue grew year over year to 1.70 billion rupees from 1.64 billion rupees, and total operating expenses climbed 8.6% year over year to 1.60 billion rupees from 1.47 billion rupees.

Reported net income declined 42.2% from the prior-year period to 93.4 million rupees, or 1.11 rupees per share, from 161.6 million rupees, or 1.92 rupees per share.

As of April 27, US$1 was equivalent to 104.81 Pakistani rupees.