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Shahmurad Sugar Mills fiscal Q1 loss widens YOY

Shahmurad Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to a loss of 3.19 Pakistani rupees per share, compared with a loss of 49 paisa 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 67.3 million rupees, compared with a loss of 10.2 million rupees in the prior-year period.

The normalized profit margin declined to negative 4.7% from negative 1.0% in the year-earlier period.

Total revenue grew 36.8% year over year to 1.42 billion rupees from 1.04 billion rupees, and total operating expenses climbed 45.7% year over year to 1.47 billion rupees from 1.01 billion rupees.

Reported net income came to a loss of 102.8 million rupees, or a loss of 4.87 rupees per share, compared to income of 1.7 million rupees, or 8 paisa per share, in the prior-year period.

As of Jan. 29, US$1 was equivalent to 101.13 Pakistani rupees.