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Thal Industries swings to loss in fiscal Q2

Thal Industries Corp. Ltd. said its normalized net income for the fiscal second quarter ended March 31 was a loss of 1.18 Pakistani rupees per share, compared with 1.83 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 a loss of 17.7 million rupees, compared with income of 27.5 million rupees in the prior-year period.

The normalized profit margin dropped to negative 0.9% from 1.4% in the year-earlier period.

Total revenue climbed year over year to 2.05 billion rupees from 2.01 billion rupees, and total operating expenses increased 6.0% from the prior-year period to 1.98 billion rupees from 1.87 billion rupees.

Reported net income totaled a loss of 14.8 million rupees, or a loss of 98 paisa per share, compared to income of 56.7 million rupees, or 3.78 rupees per share, in the year-earlier period.

As of May 28, US$1 was equivalent to 101.92 Pakistani rupees.