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Ghani Value Glass swings to profit in fiscal Q1

Ghani Value Glass Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 15 Pakistani paisa per share, compared with a loss of 1 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 2.8 million rupees, compared with a loss of 225,780 rupees in the prior-year period.

The normalized profit margin climbed to 1.9% from negative 0.2% in the year-earlier period.

Total revenue rose 8.4% year over year to 144.8 million rupees from 133.6 million rupees, and total operating expenses increased year over year to 140.3 million rupees from 133.8 million rupees.

Reported net income rose on an annual basis to 2.6 million rupees, or 14 paisa per share, from 1.3 million rupees, or 7 paisa per share.

As of Nov. 28, US$1 was equivalent to 101.80 Pakistani rupees.