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ZIL Ltd. Q1 loss widens YOY

ZIL Ltd. said its normalized net income for the first quarter amounted to a loss of 6.80 Pakistani rupees per share, compared with a loss of 2.48 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 a loss of 41.6 million rupees, compared with a loss of 15.2 million rupees in the prior-year period.

The normalized profit margin dropped to negative 17.7% from negative 5.7% in the year-earlier period.

Total revenue decreased 12.0% on an annual basis to 234.7 million rupees from 266.8 million rupees, and total operating expenses increased year over year to 295.4 million rupees from 283.8 million rupees.

Reported net income came to a loss of 43.6 million rupees, or a loss of 7.13 rupees per share, compared to a loss of 15.1 million rupees, or a loss of 2.47 rupees per share, in the prior-year period.

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