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Jauharabad Sugar Mills swings to profit in fiscal Q2

Jauharabad Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 4.24 Pakistani rupees per share, compared with a loss of 5.22 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 50.9 million rupees, compared with a loss of 62.6 million rupees in the year-earlier period.

The normalized profit margin climbed to 17.6% from negative 13.3% in the year-earlier period.

Total revenue declined 38.4% on an annual basis to 289.7 million rupees from 470.5 million rupees, and total operating expenses decreased 61.7% from the prior-year period to 218.0 million rupees from 569.6 million rupees.

Reported net income came to 76.0 million rupees, or 6.33 rupees per share, compared to a loss of 100.2 million rupees, or a loss of 8.35 rupees per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 101.97 Pakistani rupees.