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Haseeb Waqas Sugar Mills fiscal Q1 loss narrows YOY

Haseeb Waqas Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to a loss of 2.56 Pakistani rupees per share, compared with a loss of 5.52 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 82.8 million rupees, compared with a loss of 179.0 million rupees in the year-earlier period.

Reported net income came to a loss of 146.1 million rupees, or a loss of 4.51 rupees per share, compared to a loss of 304.7 million rupees, or a loss of 9.40 rupees per share, in the prior-year period.

As of Jan. 29, US$1 was equivalent to 104.89 Pakistani rupees.