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Baba Farid Sugar Mills swings to profit in fiscal Q3

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.