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Tariq Glass Industries profit misses consensus by 86.7% in fiscal Q3

Tariq Glass Industries Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to 17 Pakistani paisa per share, compared with the S&P Capital IQ consensus estimate of 1.29 rupees per share.

The per-share result swung to a profit from the prior-year loss of 1.92 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.5 million rupees, compared with a loss of 140.7 million rupees in the prior-year period.

The normalized profit margin climbed to 0.1% from negative 6.6% in the year-earlier period.

Total revenue declined 15.3% on an annual basis to 1.81 billion rupees from 2.14 billion rupees, and total operating expenses declined 25.4% year over year to 1.72 billion rupees from 2.30 billion rupees.

Reported net income came to 1.3 million rupees, or 2 paisa per share, compared to a loss of 241.4 million rupees, or a loss of 3.29 rupees per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.