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Mehran Sugar Mills fiscal Q2 profit falls YOY

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.