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Dewan Sugar Mills fiscal Q1 loss widens 58.8% YOY

Dewan Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to a loss of 4.36 Pakistani rupees per share, compared with a loss of 2.74 rupees 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 159.0 million rupees, compared with a loss of 100.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 45.1% from negative 11.9% in the year-earlier period.

Total revenue declined 58.2% on an annual basis to 352.5 million rupees from 844.2 million rupees, and total operating expenses decreased 40.9% on an annual basis to 579.6 million rupees from 981.2 million rupees.

Reported net income totaled a loss of 247.5 million rupees, or a loss of 6.78 rupees per share, compared to a loss of 155.8 million rupees, or a loss of 4.27 rupees per share, in the year-earlier period.

As of Feb. 4, US$1 was equivalent to 101.17 Pakistani rupees.