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Al-Abbas Sugar Mills fiscal Q1 profit climbs YOY

Al-Abbas Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to 7.00 Pakistani rupees per share, a gain from 1.23 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 121.6 million rupees, a gain from 21.4 million rupees in the prior-year period.

The normalized profit margin increased to 8.4% from 2.0% in the year-earlier period.

Total revenue grew 36.5% year over year to 1.45 billion rupees from 1.06 billion rupees, and total operating expenses climbed 35.3% year over year to 1.39 billion rupees from 1.03 billion rupees.

Reported net income grew year over year to 179.7 million rupees, or 10.35 rupees per share, from 22.4 million rupees, or 1.29 rupees per share.

As of Jan. 30, US$1 was equivalent to 101.08 Pakistani rupees.