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Philip Morris (Pakistan) swings to profit in Q4

Philip Morris (Pakistan) Ltd said its normalized net income for the fourth quarter came to 40 Pakistani paisa per share, compared with a loss of 9.67 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 24.7 million rupees, compared with a loss of 595.5 million rupees in the prior-year period.

The normalized profit margin climbed to 0.7% from negative 19.8% in the year-earlier period.

Total revenue increased 10.0% on an annual basis to 3.30 billion rupees from 3.00 billion rupees, and total operating expenses decreased 16.6% on an annual basis to 3.26 billion rupees from 3.91 billion rupees.

Reported net income totaled a loss of 118.0 million rupees, or a loss of 1.92 rupees per share, compared to a loss of 991.7 million rupees, or a loss of 16.11 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 14.25 rupees per share, compared with a loss of 7.72 rupees per share in the prior year.

Normalized net income was 877.7 million rupees, compared with a loss of 475.7 million rupees in the prior year.

Full-year total revenue decreased from the prior-year period to 14.21 billion rupees from 14.42 billion rupees, and total operating expenses decreased 13.6% on an annual basis to 12.45 billion rupees from 14.41 billion rupees.

The company said reported net income came to 541.2 million rupees, or 8.79 rupees per share, in the full year, compared with a loss of 1.32 billion rupees, or a loss of 21.35 rupees per share, the prior year.

As of March 29, US$1 was equivalent to 104.83 Pakistani rupees.