Towellers Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 3.98 Pakistani rupees per share, a gain from 1.80 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 67.6 million rupees, a gain from 30.7 million rupees in the year-earlier period.

The normalized profit margin climbed to 8.5% from 3.9% in the year-earlier period.

Total revenue totaled 795.5 million rupees, compared with 788.8 million rupees in the prior-year period, and total operating expenses declined 6.1% on an annual basis to 696.8 million rupees from 742.3 million rupees.

Reported net income grew from the prior-year period to 99.5 million rupees, or 5.85 rupees per share, from 41.7 million rupees, or 2.45 rupees per share.

As of Oct. 29, US$1 was equivalent to 105.30 Pakistani rupees.