Shezan International Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 came to 6.04 Pakistani rupees per share, a decline of 47.8% from 11.57 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 48.3 million rupees, a decline of 47.8% from 92.4 million rupees in the prior-year period.

The normalized profit margin dropped to 2.8% from 4.8% in the year-earlier period.

Total revenue fell 10.8% year over year to 1.70 billion rupees from 1.91 billion rupees, and total operating expenses fell 8.0% from the prior-year period to 1.61 billion rupees from 1.75 billion rupees.

Reported net income declined 40.3% from the prior-year period to 56.6 million rupees, or 7.09 rupees per share, from 94.9 million rupees, or 11.88 rupees per share.

As of Oct. 27, US$1 was equivalent to 105.15 Pakistani rupees.