Mehran Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 was 4.37 Pakistani rupees per share, a decrease of 27.5% from 6.03 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 140.0 million rupees, a decline of 27.5% from 193.1 million rupees in the prior-year period.

The normalized profit margin climbed to 23.6% from 10.7% in the year-earlier period.

Total revenue fell 67.1% on an annual basis to 592.3 million rupees from 1.80 billion rupees, and total operating expenses decreased 76.6% on an annual basis to 341.3 million rupees from 1.46 billion rupees.

Reported net income fell 29.4% year over year to 162.3 million rupees, or 5.07 rupees per share, from 230.0 million rupees, or 7.18 rupees per share.

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