Ghani Automobile Industries Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 27 Pakistani paisa per share, compared with a loss of 3 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 13.4 million rupees, compared with a loss of 1.7 million rupees in the prior-year period.

The normalized profit margin dropped to negative 61.7% from negative 3.6% in the year-earlier period.

Total revenue decreased 48.6% on an annual basis to 24.2 million rupees from 47.2 million rupees, and total operating expenses increased 5.7% year over year to 45.4 million rupees from 43.0 million rupees.

Reported net income came to a loss of 21.4 million rupees, or a loss of 43 paisa per share, compared to a loss of 2.7 million rupees, or a loss of 5 paisa per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 105.42 Pakistani rupees.