Dewan Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to a loss of 2.50 Pakistani rupees per share, compared with a loss of 4.36 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 166.2 million rupees, compared with a loss of 159.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 50.6% from negative 45.1% in the year-earlier period.

Total revenue decreased 6.8% year over year to 328.4 million rupees from 352.5 million rupees, and total operating expenses came to 576.3 million rupees, compared with 579.6 million rupees in the year-earlier period.

Reported net income totaled a loss of 260.1 million rupees, or a loss of 3.91 rupees per share, compared to a loss of 247.5 million rupees, or a loss of 6.78 rupees per share, in the year-earlier period.

As of Feb. 3, US$1 was equivalent to 104.78 Pakistani rupees.