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Ghandhara Industries fiscal Q3 profit falls YOY

Ghandhara Industries Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to 50 Pakistani paisa per share, a decrease of 60.1% from 1.26 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 10.7 million rupees, a decline of 60.2% from 26.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.7% from 4.7% in the year-earlier period.

Total revenue rose 8.0% on an annual basis to 611.7 million rupees from 566.6 million rupees, and total operating expenses increased 14.9% year over year to 553.9 million rupees from 482.0 million rupees.

Reported net income declined 31.9% on an annual basis to 29.3 million rupees, or 1.38 rupees per share, from 43.1 million rupees, or 2.02 rupees per share.

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