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Al-Noor Sugar Mills fiscal Q3 loss widens 70.3% YOY

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Al-Noor Sugar Mills fiscal Q3 loss widens 70.3% YOY

Al-Noor Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 was a loss of 2.70 Pakistani rupees per share, compared with a loss of 1.58 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 a loss of 55.2 million rupees, compared with a loss of 32.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 2.8% from negative 2.0% in the year-earlier period.

Total revenue rose 22.5% year over year to 1.94 billion rupees from 1.58 billion rupees, and total operating expenses increased 27.1% from the prior-year period to 1.95 billion rupees from 1.53 billion rupees.

Reported net income came to a loss of 66.7 million rupees, or a loss of 3.26 rupees per share, compared to a loss of 28.5 million rupees, or a loss of 1.39 rupees per share, in the year-earlier period.

As of July 29, US$1 was equivalent to 104.83 Pakistani rupees.