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Shahtaj Sugar Mills swings to profit in fiscal Q1

Shahtaj Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 91 Pakistani paisa per share, compared with a loss of 2.21 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.8 million rupees, compared with a loss of 26.6 million rupees in the prior-year period.

The normalized profit margin climbed to 1.1% from negative 4.8% in the year-earlier period.

Total revenue rose 73.1% year over year to 963.4 million rupees from 556.6 million rupees, and total operating expenses climbed 57.9% year over year to 936.2 million rupees from 593.0 million rupees.

Reported net income came to 7.3 million rupees, or 61 paisa per share, compared to a loss of 48.5 million rupees, or a loss of 4.03 rupees per share, in the prior-year period.

As of Feb. 4, US$1 was equivalent to 104.22 Pakistani rupees.