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Dewan Sugar Mills swings to loss in fiscal Q3

Dewan Sugar Mills Ltd said its normalized net income for the fiscal third quarter ended June 30 amounted to a loss of 1.32 Pakistani rupees per share, compared with 1.02 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 87.8 million rupees, compared with income of 50.9 million rupees in the prior-year period.

The normalized profit margin dropped to negative 10.4% from 3.0% in the year-earlier period.

Total revenue fell 49.6% year over year to 846.1 million rupees from 1.68 billion rupees, and total operating expenses decreased 38.1% on an annual basis to 972.9 million rupees from 1.57 billion rupees.

Reported net income totaled a loss of 135.5 million rupees, or a loss of 2.04 rupees per share, compared to income of 74.6 million rupees, or 1.50 rupees per share, in the year-earlier period.

As of Aug. 2, US$1 was equivalent to 104.78 Pakistani rupees.