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Ghani Automobile Industries swings to loss in fiscal Q3

Ghani Automobile Industries Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 3 Pakistani paisa per share, compared with 2 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.4 million rupees, compared with income of 1.2 million rupees in the year-earlier period.

The normalized profit margin fell to negative 3.8% from 4.4% in the year-earlier period.

Total revenue climbed 28.4% year over year to 35.7 million rupees from 27.8 million rupees, and total operating expenses grew 64.1% on an annual basis to 37.6 million rupees from 22.9 million rupees.

Reported net income came to a loss of 2.2 million rupees, or a loss of 5 paisa per share, compared to income of 1.7 million rupees, or 3 paisa per share, in the prior-year period.

As of April 28, US$1 was equivalent to 101.76 Pakistani rupees.