Shahtaj Sugar Mills Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2016, was a loss of 3.16 Pakistani rupees per share, compared with a loss of 2.08 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 37.9 million rupees, compared with a loss of 25.0 million rupees in the year-earlier period.

The normalized profit margin fell to negative 46.1% from negative 3.9% in the year-earlier period.

Total revenue fell 87.3% year over year to 82.2 million rupees from 648.5 million rupees, and total operating expenses declined 77.8% on an annual basis to 149.1 million rupees from 672.4 million rupees.

Reported net income totaled a loss of 90.0 million rupees, or a loss of 7.50 rupees per share, compared to a loss of 24.6 million rupees, or a loss of 2.05 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 14.55 rupees per share, compared with a loss of 7.53 rupees per share in the prior year.

Normalized net income was 174.8 million rupees, compared with a loss of 90.5 million rupees in the prior year.

Full-year total revenue grew 21.9% on an annual basis to 4.71 billion rupees from 3.86 billion rupees, and total operating expenses increased 12.2% on an annual basis to 4.39 billion rupees from 3.92 billion rupees.

The company said reported net income came to 179.5 million rupees, or 14.94 rupees per share, in the full year, compared with a loss of 91.5 million rupees, or a loss of 7.62 rupees per share, the prior year.

As of Jan. 13, US$1 was equivalent to 104.81 Pakistani rupees.