Faran Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 was 3.31 Pakistani rupees per share, a gain of 65.0% from 2.01 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 82.9 million rupees, an increase of 65.3% from 50.2 million rupees in the year-earlier period.

The normalized profit margin rose to 14.0% from 2.9% in the year-earlier period.

Total revenue declined 66.1% year over year to 592.0 million rupees from 1.75 billion rupees, and total operating expenses decreased 68.3% on an annual basis to 529.8 million rupees from 1.67 billion rupees.

Reported net income rose 60.9% year over year to 100.1 million rupees, or 4.00 rupees per share, from 62.2 million rupees, or 2.49 rupees per share.

As of May 29, US$1 was equivalent to 101.95 Pakistani rupees.