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Sanghar Sugar Mills swings to profit in fiscal Q1

Sanghar Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 29 Pakistani paisa per share, compared with a loss of 85 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.4 million rupees, compared with a loss of 10.2 million rupees in the prior-year period.

The normalized profit margin climbed to 0.3% from negative 1.4% in the year-earlier period.

Total revenue rose 40.3% year over year to 1.06 billion rupees from 752.6 million rupees, and total operating expenses rose 37.8% on an annual basis to 1.04 billion rupees from 755.4 million rupees.

Reported net income came to a loss of 13.1 million rupees, or a loss of 1.10 rupees per share, compared to a loss of 17.4 million rupees, or a loss of 1.46 rupees per share, in the year-earlier period.

As of Jan. 29, US$1 was equivalent to 104.89 Pakistani rupees.