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Sakrand Sugar Mills swings to profit in fiscal Q2

Sakrand Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 amounted to 58 Pakistani paisa per share, compared with a loss of 3.30 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 12.9 million rupees, compared with a loss of 73.7 million rupees in the year-earlier period.

The normalized profit margin increased to 1.1% from negative 4.7% in the year-earlier period.

Total revenue decreased 24.9% on an annual basis to 1.18 billion rupees from 1.57 billion rupees, and total operating expenses declined 30.5% from the prior-year period to 1.15 billion rupees from 1.66 billion rupees.

Reported net income came to 96.1 million rupees, or 4.31 rupees per share, compared to a loss of 114.0 million rupees, or a loss of 5.11 rupees per share, in the year-earlier period.

As of June 26, US$1 was equivalent to 101.72 Pakistani rupees.