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Sanghar Sugar Mills swings to loss in fiscal Q1

Sanghar Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to a loss of 85 Pakistani paisa per share, compared with 63 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 10.2 million rupees, compared with income of 7.5 million rupees in the prior-year period.

The normalized profit margin fell to negative 1.4% from 1.1% in the year-earlier period.

Total revenue grew 9.4% year over year to 752.6 million rupees from 688.2 million rupees, and total operating expenses rose 12.4% year over year to 755.4 million rupees from 672.3 million rupees.

Reported net income totaled a loss of 17.4 million rupees, or a loss of 1.46 rupees per share, compared to income of 4.2 million rupees, or 35 paisa per share, in the prior-year period.

As of Jan. 30, US$1 was equivalent to 101.08 Pakistani rupees.