Haseeb Waqas Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 was a loss of 2.03 Pakistani rupees per share, compared with a loss of 1.20 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 65.6 million rupees, compared with a loss of 38.8 million rupees in the year-earlier period.

The normalized profit margin declined to negative 95.6% from negative 14.3% in the year-earlier period.

Total revenue declined 74.6% year over year to 68.7 million rupees from 270.9 million rupees, and total operating expenses fell 50.0% from the prior-year period to 142.3 million rupees from 284.3 million rupees.

Reported net income came to a loss of 111.8 million rupees, or a loss of 3.45 rupees per share, compared to a loss of 64.7 million rupees, or a loss of 2.00 rupees per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 101.78 Pakistani rupees.