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General Tyre & Rubber Co. of Pakistan fiscal Q3 profit climbs 48.4% YOY

General Tyre & Rubber Co. of Pakistan Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 3.31 Pakistani rupees per share, an increase of 48.0% from 2.23 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 197.9 million rupees, a gain of 48.4% from 133.4 million rupees in the year-earlier period.

The normalized profit margin rose to 8.1% from 6.8% in the year-earlier period.

Total revenue climbed 24.9% on an annual basis to 2.44 billion rupees from 1.96 billion rupees, and total operating expenses increased 24.5% from the prior-year period to 2.06 billion rupees from 1.66 billion rupees.

Reported net income grew 64.4% from the prior-year period to 245.3 million rupees, or 4.10 rupees per share, from 149.2 million rupees, or 2.50 rupees per share.

As of April 24, US$1 was equivalent to 101.58 Pakistani rupees.