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Adam Sugar Mills fiscal Q2 loss widens YOY

Adam Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 amounted to a loss of 2.71 Pakistani rupees per share, compared with a loss of 89 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 46.9 million rupees, compared with a loss of 5.5 million rupees in the prior-year period.

The normalized profit margin fell to negative 6.4% from negative 1.0% in the year-earlier period.

Total revenue rose 38.0% on an annual basis to 736.2 million rupees from 533.6 million rupees, and total operating expenses climbed 55.5% year over year to 762.0 million rupees from 490.0 million rupees.

Reported net income came to a loss of 40.0 million rupees, or a loss of 2.31 rupees per share, compared to a loss of 23.2 million rupees, or a loss of 3.72 rupees per share, in the year-earlier period.

As of June 1, US$1 was equivalent to 101.89 Pakistani rupees.