Rafhan Maize Product Company Ltd said its normalized net income for the fourth quarter amounted to 97.03 Pakistani rupees per share, an increase of 28.1% from 75.72 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 896.3 million rupees, a gain of 28.2% from 699.4 million rupees in the prior-year period.

The normalized profit margin increased to 14.0% from 11.1% in the year-earlier period.

Total revenue climbed year over year to 6.39 billion rupees from 6.32 billion rupees, and total operating expenses decreased on an annual basis to 5.04 billion rupees from 5.22 billion rupees.

Reported net income increased 60.9% year over year to 1.10 billion rupees, or 119.43 rupees per share, from 685.5 million rupees, or 74.22 rupees per share.

For the year, the company's normalized net income totaled 311.09 rupees per share, an increase of 23.3% from 252.23 rupees per share in the prior year.

Normalized net income was 2.87 billion rupees, a gain of 23.3% from 2.33 billion rupees in the prior year.

Full-year total revenue declined on an annual basis to 24.62 billion rupees from 25.20 billion rupees, and total operating expenses fell 6.1% on an annual basis to 20.09 billion rupees from 21.38 billion rupees.

The company said reported net income rose 30.1% on an annual basis to 3.28 billion rupees, or 354.59 rupees per share, in the full year, from 2.52 billion rupees, or 272.48 rupees per share.

As of March 9, US$1 was equivalent to 104.75 Pakistani rupees.