Al-Noor Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 amounted to 18.16 Pakistani rupees per share, a gain of 49.7% from 12.13 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 371.8 million rupees, an increase of 49.7% from 248.4 million rupees in the prior-year period.

The normalized profit margin increased to 47.8% from 22.4% in the year-earlier period.

Total revenue decreased 29.8% on an annual basis to 778.3 million rupees from 1.11 billion rupees, and total operating expenses decreased 78.6% year over year to 140.3 million rupees from 654.3 million rupees.

Reported net income increased 64.2% on an annual basis to 467.4 million rupees, or 22.83 rupees per share, from 284.6 million rupees, or 13.90 rupees per share.

As of May 27, US$1 was equivalent to 101.97 Pakistani rupees.