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Pakistan Services swings to loss in fiscal Q1

Pakistan Services Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 18.0 million rupees, compared with income of 145.7 million 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 fell to negative 1.1% from 8.7% in the year-earlier period.

Total revenue declined 5.0% on an annual basis to 1.58 billion rupees from 1.67 billion rupees, and total operating expenses grew 7.1% on an annual basis to 1.66 billion rupees from 1.55 billion rupees.

Reported net income totaled a loss of 84.3 million rupees, compared with income of 157.9 million rupees in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 103.05 Pakistani rupees.