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Shezan International fiscal Q3 profit falls YOY

Shezan International Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to 3.10 Pakistani rupees per share, a decrease of 14.3% from 3.62 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 24.8 million rupees, a decrease of 14.3% from 28.9 million rupees in the year-earlier period.

The normalized profit margin declined to 2.0% from 2.1% in the year-earlier period.

Total revenue decreased 11.4% on an annual basis to 1.22 billion rupees from 1.37 billion rupees, and total operating expenses fell 12.3% on an annual basis to 1.16 billion rupees from 1.32 billion rupees.

Reported net income grew from the prior-year period to 29.6 million rupees, or 3.71 rupees per share, from 29.2 million rupees, or 3.66 rupees per share.

As of April 27, US$1 was equivalent to 101.84 Pakistani rupees.