Punjab Oil Mills Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 amounted to 3.25 Pakistani rupees per share, an increase of 64.8% from 1.97 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 17.5 million rupees, a gain of 64.7% from 10.6 million rupees in the prior-year period.

The normalized profit margin increased to 1.5% from 0.9% in the year-earlier period.

Total revenue totaled 1.18 billion rupees, compared with 1.17 billion rupees in the prior-year period, and total operating expenses totaled 1.15 billion rupees, compared with 1.16 billion rupees in the prior-year period.

Reported net income totaled 14.1 million rupees, or 2.62 rupees per share, compared to a loss of 6.9 million rupees, or a loss of 1.28 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 36.96 rupees per share, a gain of 11.1% from 33.27 rupees per share in the prior year.

Normalized net income was 199.2 million rupees, a rise of 11.1% from 179.4 million rupees in the prior year.

Full-year total revenue declined on an annual basis to 4.21 billion rupees from 4.25 billion rupees, and total operating expenses decreased on an annual basis to 3.90 billion rupees from 3.97 billion rupees.

The company said reported net income grew 8.8% year over year to 205.8 million rupees, or 38.18 rupees per share, in the full year, from 189.2 million rupees, or 35.10 rupees per share.

As of Oct. 6, US$1 was equivalent to 104.47 Pakistani rupees.