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Dewan Farooque Motors fiscal Q3 loss narrows YOY

Dewan Farooque Motors Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 15 Pakistani paisa per share, compared with a loss of 18 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.4 million rupees, compared with a loss of 19.9 million rupees in the year-earlier period.

The normalized profit margin increased to negative 150.2% from negative 185.5% in the year-earlier period.

Total revenue grew on an annual basis to 10.9 million rupees from 10.7 million rupees, and total operating expenses decreased 40.0% from the prior-year period to 40.2 million rupees from 67.0 million rupees.

Reported net income came to a loss of 26.2 million rupees, or a loss of 24 paisa per share, compared to a loss of 31.8 million rupees, or a loss of 29 paisa per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 104.63 Pakistani rupees.