Faran Sugar Mills Ltd said its normalized net income for the fiscal third quarter ended June 30 came to 2.52 Pakistani rupees per share, an increase from 56 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 62.9 million rupees, an increase from 14.0 million rupees in the prior-year period.

The normalized profit margin increased to 11.0% from 1.2% in the year-earlier period.

Total revenue fell 49.3% year over year to 571.0 million rupees from 1.13 billion rupees, and total operating expenses declined 52.4% year over year to 511.6 million rupees from 1.07 billion rupees.

Reported net income rose on an annual basis to 87.7 million rupees, or 3.51 rupees per share, from 11.6 million rupees, or 46 paisa per share.

As of July 23, US$1 was equivalent to 101.81 Pakistani rupees.