Baba Farid Sugar Mills Ltd said its normalized net income for the fiscal third quarter ended June 30 was 33 Pakistani paisa per share, compared with a loss of 4.00 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 3.1 million rupees, compared with a loss of 37.9 million rupees in the year-earlier period.

The normalized profit margin increased to 0.4% from negative 5.3% in the year-earlier period.

Total revenue increased on an annual basis to 740.1 million rupees from 718.8 million rupees, and total operating expenses declined from the prior-year period to 709.6 million rupees from 732.6 million rupees.

Reported net income totaled 3.5 million rupees, or 37 paisa per share, compared to a loss of 64.4 million rupees, or a loss of 6.81 rupees per share, in the year-earlier period.

As of Sept. 30, US$1 was equivalent to 104.45 Pakistani rupees.