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Dewan Sugar Mills swings to loss in fiscal Q2

Dewan Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 was a loss of 3.56 Pakistani rupees per share, compared with 1.83 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 146.2 million rupees, compared with income of 66.9 million rupees in the prior-year period.

The normalized profit margin fell to negative 7.5% from 2.5% in the year-earlier period.

Total revenue declined 26.4% year over year to 1.94 billion rupees from 2.64 billion rupees, and total operating expenses declined 14.5% year over year to 2.14 billion rupees from 2.50 billion rupees.

Reported net income came to a loss of 243.1 million rupees, or a loss of 5.91 rupees per share, compared to income of 92.3 million rupees, or 2.53 rupees per share, in the prior-year period.

As of June 2, US$1 was equivalent to 101.86 Pakistani rupees.