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Media Times fiscal Q3 loss narrows YOY

Media Times Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 9 Pakistani paisa per share, compared with a loss of 20 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.4 million rupees, compared with a loss of 36.2 million rupees in the prior-year period.

The normalized profit margin increased to negative 20.8% from negative 52.9% in the year-earlier period.

Total revenue rose 15.5% on an annual basis to 78.9 million rupees from 68.4 million rupees, and total operating expenses decreased 12.5% year over year to 109.7 million rupees from 125.3 million rupees.

Reported net income came to a loss of 27.0 million rupees, or a loss of 15 paisa per share, compared to a loss of 58.6 million rupees, or a loss of 33 paisa per share, in the prior-year period.

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