Thal Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 6.97 Pakistani rupees per share, an increase of 71.5% from 4.06 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 564.4 million rupees, an increase of 71.5% from 329.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.1% from 8.4% in the year-earlier period.

Total revenue increased on an annual basis to 4.07 billion rupees from 3.90 billion rupees, and total operating expenses decreased from the prior-year period to 3.30 billion rupees from 3.34 billion rupees.

Reported net income totaled a loss of 194.2 million rupees, or a loss of 2.40 rupees per share, compared to income of 382.1 million rupees, or 4.72 rupees per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.