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Faran Sugar Mills fiscal Q1 profit climbs 41.7% YOY

Faran Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 1.15 Pakistani rupees per share, a gain of 41.3% from 82 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 28.9 million rupees, a gain of 41.7% from 20.4 million rupees in the prior-year period.

The normalized profit margin increased to 2.9% from 1.8% in the year-earlier period.

Total revenue decreased 15.2% year over year to 982.0 million rupees from 1.16 billion rupees, and total operating expenses declined 13.3% year over year to 981.9 million rupees from 1.13 billion rupees.

Reported net income rose 73.1% year over year to 36.3 million rupees, or 1.45 rupees per share, from 21.0 million rupees, or 84 paisa per share.

As of Jan. 28, US$1 was equivalent to 100.89 Pakistani rupees.