Dewan Farooque Motors Ltd said its normalized net income for the fiscal third quarter ended March 31 was a loss of 19.9 million rupees, compared with a loss of 433,750 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 185.5% from negative 0.1% in the year-earlier period.

Total revenue fell 97.1% year over year to 10.7 million rupees from 374.8 million rupees, and total operating expenses fell 83.2% year over year to 67.0 million rupees from 399.8 million rupees.

Reported net income came to a loss of 31.8 million rupees, or a loss of 29 paisa per share, compared to a loss of 4.5 million rupees, or a loss of 4 paisa per share, in the year-earlier period.

As of May 22, US$1 was equivalent to 101.92 Pakistani rupees.