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Telecard swings to loss in fiscal Q3

Telecard Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 7 Pakistani paisa per share, compared with 2 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 21.3 million rupees, compared with income of 6.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 3.5% from 1.1% in the year-earlier period.

Total revenue fell 6.7% on an annual basis to 605.3 million rupees from 648.5 million rupees, and total operating expenses rose year over year to 618.4 million rupees from 604.0 million rupees.

Reported net income totaled a loss of 27.6 million rupees, or a loss of 9 paisa per share, compared to income of 9.3 million rupees, or 3 paisa per share, in the year-earlier period.

As of May 9, US$1 was equivalent to 104.69 Pakistani rupees.