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Punjab Oil Mills fiscal Q3 profit climbs 97.7% YOY

Punjab Oil Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 7.04 Pakistani rupees per share, an increase of 98.6% from 3.55 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 38.0 million rupees, a gain of 97.7% from 19.2 million rupees in the prior-year period.

The normalized profit margin climbed to 4.0% from 1.6% in the year-earlier period.

Total revenue fell 19.3% year over year to 956.6 million rupees from 1.19 billion rupees, and total operating expenses declined 22.3% year over year to 897.9 million rupees from 1.15 billion rupees.

Reported net income increased year over year to 36.9 million rupees, or 6.84 rupees per share, from 2.8 million rupees, or 51 paisa per share.

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