Clover Pakistan Ltd said its normalized net income for the fiscal third quarter ended March 31 was a loss of 91 Pakistani paisa per share, compared with a loss of 19 paisa per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.6 million rupees, compared with a loss of 1.9 million rupees in the prior-year period.
The normalized profit margin dropped to negative 138.5% from negative 15.2% in the year-earlier period.
Total revenue decreased 49.5% year over year to 6.2 million rupees from 12.2 million rupees, and total operating expenses climbed 31.3% from the prior-year period to 19.9 million rupees from 15.1 million rupees.
Reported net income came to a loss of 14.4 million rupees, or a loss of 1.53 rupees per share, compared to a loss of 3.5 million rupees, or a loss of 36 paisa per share, in the year-earlier period.
As of April 30, US$1 was equivalent to 101.69 Pakistani rupees.
