Pakistan Hotels Developers Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 2.56 Pakistani rupees per share, a gain of 50.4% from 1.70 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 46.2 million rupees, a gain of 50.0% from 30.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 24.6% from 19.5% in the year-earlier period.

Total revenue climbed 18.9% year over year to 188.1 million rupees from 158.2 million rupees, and total operating expenses climbed year over year to 114.2 million rupees from 108.9 million rupees.

Reported net income grew 61.1% on an annual basis to 54.5 million rupees, or 3.02 rupees per share, from 33.8 million rupees, or 1.87 rupees per share.

As of May 14, US$1 was equivalent to 101.80 Pakistani rupees.