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Shakarganj fiscal Q1 loss narrows YOY

Shakarganj Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to a loss of 34 Pakistani paisa per share, compared with a loss of 76 paisa 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 25.9 million rupees, compared with a loss of 52.7 million rupees in the prior-year period.

The normalized profit margin rose to 11.5% from negative 3.3% in the year-earlier period.

Total revenue fell 63.0% on an annual basis to 598.4 million rupees from 1.62 billion rupees, and total operating expenses fell 60.3% on an annual basis to 684.8 million rupees from 1.72 billion rupees.

Reported net income came to 116.7 million rupees, or 1.55 rupees per share, compared to a loss of 98.6 million rupees, or a loss of 1.42 rupees per share, in the year-earlier period.

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