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Tariq Glass Industries fiscal Q3 profit climbs YOY

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Tariq Glass Industries fiscal Q3 profit climbs YOY

Tariq Glass Industries Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to 2.42 Pakistani rupees per share, an increase from 3 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 177.8 million rupees, an increase from 1.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 9.0% from 0.1% in the year-earlier period.

Total revenue increased 8.4% on an annual basis to 1.97 billion rupees from 1.81 billion rupees, and total operating expenses decreased 6.2% on an annual basis to 1.60 billion rupees from 1.71 billion rupees.

Reported net income totaled 183.4 million rupees, or 2.50 rupees per share, compared to a loss of 24.8 million rupees, or a loss of 34 paisa per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.