Clover Pakistan Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 28 Pakistani paisa per share, compared with a loss of 27 paisa 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 2.6 million rupees, compared with a loss of 2.5 million rupees in the year-earlier period.

The normalized profit margin rose to negative 24.0% from negative 24.6% in the year-earlier period.

Total revenue grew 7.0% year over year to 10.9 million rupees from 10.2 million rupees, and total operating expenses grew 6.4% on an annual basis to 15.0 million rupees from 14.1 million rupees.

Reported net income totaled a loss of 4.4 million rupees, or a loss of 47 paisa per share, compared to a loss of 4.3 million rupees, or a loss of 46 paisa per share, in the prior-year period.

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