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Shahtaj Sugar Mills swings to loss in fiscal Q1

Shahtaj Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to a loss of 2.21 Pakistani rupees per share, compared with 1.65 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 a loss of 26.6 million rupees, compared with income of 20.1 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 4.8% from 2.5% in the year-earlier period.

Total revenue declined 32.0% on an annual basis to 556.6 million rupees from 818.3 million rupees, and total operating expenses fell 24.5% from the prior-year period to 593.0 million rupees from 785.5 million rupees.

Reported net income totaled a loss of 48.5 million rupees, or a loss of 4.03 rupees per share, compared to income of 2.8 million rupees, or 23 paisa per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 101.38 Pakistani rupees.