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.