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DS Industries swings to loss in fiscal Q3

D.S. Industries Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 34 Pakistani paisa per share, compared with 37 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 20.2 million rupees, compared with income of 22.0 million rupees in the prior-year period.

The normalized profit margin declined to negative 12.9% from 9.2% in the year-earlier period.

Total revenue declined 34.4% on an annual basis to 156.5 million rupees from 238.4 million rupees, and total operating expenses fell 28.6% on an annual basis to 182.1 million rupees from 255.2 million rupees.

Reported net income came to a loss of 33.0 million rupees, or a loss of 55 paisa per share, compared to a loss of 19.0 million rupees, or a loss of 32 paisa per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 101.72 Pakistani rupees.