Faran Sugar Mills Ltd said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to 32 Pakistani paisa per share, a decrease of 84.2% from 2.01 rupees per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.9 million rupees, a decrease of 84.3% from 50.3 million rupees in the prior-year period.
The normalized profit margin dropped to 1.0% from 9.6% in the year-earlier period.
Total revenue rose 51.9% on an annual basis to 793.5 million rupees from 522.3 million rupees, and total operating expenses climbed 32.9% on an annual basis to 705.0 million rupees from 530.3 million rupees.
Reported net income grew 35.0% from the prior-year period to 85.6 million rupees, or 3.43 rupees per share, from 63.4 million rupees, or 2.54 rupees per share.
For the year, the company's normalized net income totaled 7.30 rupees per share, an increase of 35.4% from 5.39 rupees per share in the prior year.
Normalized net income was 182.6 million rupees, a gain of 35.4% from 134.8 million rupees in the prior year.
Full-year total revenue declined 35.5% on an annual basis to 2.94 billion rupees from 4.56 billion rupees, and total operating expenses declined 38.1% year over year to 2.73 billion rupees from 4.41 billion rupees.
The company said reported net income grew 95.8% on an annual basis to 309.8 million rupees, or 12.39 rupees per share, in the full year, from 158.2 million rupees, or 6.33 rupees per share.
As of Jan. 13, US$1 was equivalent to 104.92 Pakistani rupees.