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Noon Sugar Mills fiscal Q1 loss widens 14.2% YOY

Noon Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to a loss of 1.38 Pakistani rupees per share, compared with a loss of 1.21 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 a loss of 22.8 million rupees, compared with a loss of 20.0 million rupees in the prior-year period.

The normalized profit margin fell to negative 4.0% from negative 3.5% in the year-earlier period.

Total revenue climbed on an annual basis to 576.4 million rupees from 565.8 million rupees, and total operating expenses climbed on an annual basis to 591.9 million rupees from 576.2 million rupees.

Reported net income totaled a loss of 42.2 million rupees, or a loss of 2.56 rupees per share, compared to a loss of 37.6 million rupees, or a loss of 2.28 rupees per share, in the year-earlier period.

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