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Dewan Farooque Motors fiscal Q2 loss narrows YOY

Dewan Farooque Motors Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of 17 Pakistani paisa per share, compared with a loss of 18 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 18.6 million rupees, compared with a loss of 19.8 million rupees in the year-earlier period.

Total revenue decreased 99.0% on an annual basis to 172,000 rupees from 17.0 million rupees, and total operating expenses decreased 39.1% from the prior-year period to 46.3 million rupees from 76.0 million rupees.

Reported net income came to a loss of 29.7 million rupees, or a loss of 27 paisa per share, compared to a loss of 31.7 million rupees, or a loss of 29 paisa per share, in the year-earlier period.

As of March 3, US$1 was equivalent to 104.75 Pakistani rupees.