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Shahmurad Sugar Mills swings to profit in fiscal Q1

Shahmurad Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to 1.38 Pakistani rupees per share, compared with a loss of 3.19 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.0 million rupees, compared with a loss of 67.3 million rupees in the prior-year period.

The normalized profit margin climbed to 1.5% from negative 4.7% in the year-earlier period.

Total revenue climbed 33.7% year over year to 1.90 billion rupees from 1.42 billion rupees, and total operating expenses climbed 24.4% year over year to 1.83 billion rupees from 1.47 billion rupees.

Reported net income totaled 16.2 million rupees, or 77 paisa per share, compared to a loss of 102.8 million rupees, or a loss of 4.87 rupees per share, in the year-earlier period.

As of Jan. 26, US$1 was equivalent to 104.91 Pakistani rupees.