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Sapphire Fibres fiscal Q3 profit climbs YOY

Sapphire Fibres Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 15.43 Pakistani rupees per share, a gain from 6.31 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 303.7 million rupees, an increase from 124.3 million rupees in the prior-year period.

The normalized profit margin rose to 3.9% from 1.8% in the year-earlier period.

Total revenue climbed 10.3% year over year to 7.70 billion rupees from 6.98 billion rupees, and total operating expenses increased 7.5% from the prior-year period to 6.48 billion rupees from 6.03 billion rupees.

Reported net income rose year over year to 572.5 million rupees, or 29.08 rupees per share, from 240.8 million rupees, or 12.23 rupees per share.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.