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Singer Pakistan Q1 loss narrows YOY

Singer Pakistan Ltd. said its first-quarter normalized net income amounted to a loss of 79 Pakistani paisa per share, compared with a loss of 79 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 35.7 million rupees, compared with a loss of 35.9 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 9.6% from negative 8.6% in the year-earlier period.

Total revenue decreased 10.6% year over year to 371.6 million rupees from 415.9 million rupees, and total operating expenses fell 9.8% on an annual basis to 387.5 million rupees from 429.4 million rupees.

Reported net income came to a loss of 38.8 million rupees, or a loss of 86 paisa per share, compared to a loss of 39.1 million rupees, or a loss of 86 paisa per share, in the year-earlier period.

As of May 1, US$1 was equivalent to 101.69 Pakistani rupees.