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Baba Farid Sugar Mills fiscal Q1 loss widens YOY

Baba Farid Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of 3.15 Pakistani rupees per share, compared with a loss of 27 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 29.8 million rupees, compared with a loss of 2.6 million rupees in the year-earlier period.

The normalized profit margin declined to negative 12.5% from negative 0.9% in the year-earlier period.

Total revenue fell 17.5% year over year to 237.7 million rupees from 288.1 million rupees, and total operating expenses declined 8.2% on an annual basis to 237.4 million rupees from 258.5 million rupees.

Reported net income totaled a loss of 53.9 million rupees, or a loss of 5.70 rupees per share, compared to a loss of 8.3 million rupees, or a loss of 88 paisa per share, in the prior-year period.

As of Jan. 27, US$1 was equivalent to 100.92 Pakistani rupees.