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Baluchistan Wheels fiscal Q1 profit falls YOY

Baluchistan Wheels Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 1.30 Pakistani rupees per share, a decline of 17.0% from 1.56 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 17.3 million rupees, a decrease of 16.7% from 20.8 million rupees in the year-earlier period.

The normalized profit margin dropped to 5.5% from 7.7% in the year-earlier period.

Total revenue rose 15.9% year over year to 313.3 million rupees from 270.2 million rupees, and total operating expenses rose 20.5% on an annual basis to 284.9 million rupees from 236.5 million rupees.

Reported net income fell 17.6% from the prior-year period to 18.3 million rupees, or 1.37 rupees per share, from 22.2 million rupees, or 1.67 rupees per share.

As of Oct. 17, US$1 was equivalent to 102.85 Pakistani rupees.