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Al-Abbas Sugar Mills fiscal Q1 profit falls YOY

Al-Abbas Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, was 5.28 Pakistani rupees per share, a decrease of 24.5% from 7.00 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 91.7 million rupees, a decline of 24.6% from 121.6 million rupees in the prior-year period.

The normalized profit margin fell to 8.0% from 8.4% in the year-earlier period.

Total revenue fell 20.5% year over year to 1.15 billion rupees from 1.45 billion rupees, and total operating expenses decreased 26.5% from the prior-year period to 1.02 billion rupees from 1.39 billion rupees.

Reported net income decreased 29.0% year over year to 127.6 million rupees, or 7.35 rupees per share, from 179.7 million rupees, or 10.35 rupees per share.

As of Jan. 27, US$1 was equivalent to 104.91 Pakistani rupees.