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Jauharabad Sugar Mills fiscal Q1 loss widens 50.1% YOY

Jauharabad Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of 3.65 Pakistani rupees per share, compared with a loss of 2.43 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 43.8 million rupees, compared with a loss of 29.2 million rupees in the year-earlier period.

The normalized profit margin declined to negative 17.4% from negative 4.4% in the year-earlier period.

Total revenue declined 62.4% year over year to 251.4 million rupees from 668.9 million rupees, and total operating expenses decreased 55.1% on an annual basis to 319.0 million rupees from 710.9 million rupees.

Reported net income came to a loss of 70.0 million rupees, or a loss of 5.84 rupees per share, compared to a loss of 46.7 million rupees, or a loss of 3.89 rupees per share, in the year-earlier period.

As of Jan. 28, US$1 was equivalent to 100.89 Pakistani rupees.