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Haseeb Waqas Sugar Mills fiscal Q2 loss widens 63.0% YOY

Haseeb Waqas Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 amounted to a loss of 6.17 Pakistani rupees per share, compared with a loss of 3.79 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 a loss of 200.1 million rupees, compared with a loss of 122.7 million rupees in the prior-year period.

The normalized profit margin increased to negative 24.1% from negative 27.5% in the year-earlier period.

Total revenue climbed 96.3% year over year to 875.0 million rupees from 445.8 million rupees, and total operating expenses increased 90.8% on an annual basis to 1.14 billion rupees from 598.9 million rupees.

Reported net income came to a loss of 286.1 million rupees, or a loss of 8.83 rupees per share, compared to a loss of 175.2 million rupees, or a loss of 5.41 rupees per share, in the prior-year period.

As of May 31, US$1 was equivalent to 104.83 Pakistani rupees.