Shezan International Ltd said its normalized net income for the fiscal third quarter ended March 31 came to 2.08 Pakistani rupees per share, a decline of 33.0% from 3.10 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.6 million rupees, a decrease of 33.0% from 24.8 million rupees in the prior-year period.

The normalized profit margin dropped to 1.1% from 2.0% in the year-earlier period.

Total revenue increased 24.9% on an annual basis to 1.52 billion rupees from 1.22 billion rupees, and total operating expenses climbed 27.7% from the prior-year period to 1.48 billion rupees from 1.16 billion rupees.

Reported net income decreased 34.7% from the prior-year period to 19.3 million rupees, or 2.42 rupees per share, from 29.6 million rupees, or 3.71 rupees per share.

As of April 28, US$1 was equivalent to 104.81 Pakistani rupees.