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Shahtaj Sugar Mills swings to profit in fiscal Q3

Shahtaj Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 was 9.52 Pakistani rupees per share, compared with a loss of 3.28 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 114.3 million rupees, compared with a loss of 39.3 million rupees in the year-earlier period.

The normalized profit margin climbed to 6.9% from negative 2.9% in the year-earlier period.

Total revenue grew 23.3% on an annual basis to 1.66 billion rupees from 1.35 billion rupees, and total operating expenses rose 6.6% on an annual basis to 1.46 billion rupees from 1.37 billion rupees.

Reported net income totaled 166.3 million rupees, or 13.85 rupees per share, compared to a loss of 43.1 million rupees, or a loss of 3.59 rupees per share, in the prior-year period.

As of Aug. 4, US$1 was equivalent to 104.67 Pakistani rupees.