Dewan Farooque Motors Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 18 Pakistani paisa per share, compared with a loss of 19 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 20.0 million rupees, compared with a loss of 21.1 million rupees in the year-earlier period.

The normalized profit margin fell to negative 286.6% from negative 87.5% in the year-earlier period.

Total revenue decreased 71.0% on an annual basis to 7.0 million rupees from 24.1 million rupees, and total operating expenses decreased 33.9% from the prior-year period to 55.9 million rupees from 84.5 million rupees.

Reported net income totaled a loss of 32.0 million rupees, or a loss of 29 paisa per share, compared to a loss of 33.7 million rupees, or a loss of 31 paisa per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to 105.42 Pakistani rupees.