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Haseeb Waqas Sugar Mills fiscal Q1 loss widens 19.1% YOY

Haseeb Waqas Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to a loss of 5.52 Pakistani rupees per share, compared with a loss of 4.64 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 179.0 million rupees, compared with a loss of 150.3 million rupees in the prior-year period.

The normalized profit margin rose to negative 19.8% from negative 26.8% in the year-earlier period.

Total revenue increased 60.6% on an annual basis to 902.4 million rupees from 561.9 million rupees, and total operating expenses grew 51.5% from the prior-year period to 1.15 billion rupees from 761.6 million rupees.

Reported net income totaled a loss of 304.7 million rupees, or a loss of 9.40 rupees per share, compared to a loss of 234.9 million rupees, or a loss of 7.25 rupees per share, in the prior-year period.

As of Jan. 30, US$1 was equivalent to 101.08 Pakistani rupees.