Shakarganj Ltd. said its normalized net income for the fiscal third quarter ended June 30 came to a loss of 34 Pakistani paisa per share, compared with 2.41 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 a loss of 37.3 million rupees, compared with income of 193.5 million rupees in the prior-year period.

The normalized profit margin dropped to negative 5.4% from 10.7% in the year-earlier period.

Total revenue declined 61.7% on an annual basis to 689.7 million rupees from 1.80 billion rupees, and total operating expenses declined 50.7% on an annual basis to 745.4 million rupees from 1.51 billion rupees.

Reported net income totaled a loss of 59.4 million rupees, or a loss of 54 paisa per share, compared to income of 273.8 million rupees, or 3.41 rupees per share, in the year-earlier period.

As of Aug. 2, US$1 was equivalent to 104.78 Pakistani rupees.