Mirpurkhas Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 amounted to 30,000 rupees, a fall of 100.0% from 62.5 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.0% from 4.9% in the year-earlier period.

Total revenue fell 83.7% on an annual basis to 205.4 million rupees from 1.26 billion rupees, and total operating expenses fell 84.3% on an annual basis to 180.7 million rupees from 1.15 billion rupees.

Reported net income fell 55.4% from the prior-year period to 38.2 million rupees, or 3.11 rupees per share, from 85.7 million rupees, or 6.98 rupees per share.

As of May 27, US$1 was equivalent to 101.97 Pakistani rupees.