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Husein Sugar Mills swings to loss in fiscal Q1

Husein Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of 1.39 Pakistani rupees per share, compared with 15 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 23.5 million rupees, compared with income of 2.5 million rupees in the prior-year period.

The normalized profit margin fell to negative 3.8% from 0.2% in the year-earlier period.

Total revenue declined 48.7% year over year to 611.6 million rupees from 1.19 billion rupees, and total operating expenses decreased 45.6% on an annual basis to 634.5 million rupees from 1.17 billion rupees.

Reported net income came to a loss of 37.7 million rupees, or a loss of 2.22 rupees per share, compared to income of 13.3 million rupees, or 78 paisa per share, in the year-earlier period.

As of Jan. 27, US$1 was equivalent to 100.92 Pakistani rupees.