Thal Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 came to 7.43 Pakistani rupees per share, a decline of 9.0% from 8.16 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 601.9 million rupees, a decrease of 9.0% from 661.6 million rupees in the prior-year period.

The normalized profit margin rose to 13.0% from 12.0% in the year-earlier period.

Total revenue decreased 16.2% on an annual basis to 4.63 billion rupees from 5.52 billion rupees, and total operating expenses decreased 16.5% from the prior-year period to 3.96 billion rupees from 4.74 billion rupees.

Reported net income increased 32.2% from the prior-year period to 1.03 billion rupees, or 12.72 rupees per share, from 780.2 million rupees, or 9.63 rupees per share.

For the year, the company's normalized net income totaled 30.53 rupees per share, an increase of 17.4% from 26.00 rupees per share in the prior year.

Normalized net income was 2.47 billion rupees, an increase of 17.4% from 2.11 billion rupees in the prior year.

Full-year total revenue declined 11.2% on an annual basis to 16.82 billion rupees from 18.94 billion rupees, and total operating expenses fell 14.9% on an annual basis to 13.43 billion rupees from 15.79 billion rupees.

The company said reported net income grew year over year to 2.57 billion rupees, or 31.72 rupees per share, in the full year, from 2.47 billion rupees, or 30.48 rupees per share.

As of Sept. 9, US$1 was equivalent to 104.33 Pakistani rupees.