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Sakrand Sugar Mills swings to loss in fiscal Q2

Sakrand Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 was a loss of 2.11 Pakistani rupees per share, compared with 58 paisa 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 47.1 million rupees, compared with income of 12.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 3.6% from 1.1% in the year-earlier period.

Total revenue rose 6.5% on an annual basis to 1.26 billion rupees from 1.18 billion rupees, and total operating expenses rose 14.5% year over year to 1.32 billion rupees from 1.15 billion rupees.

Reported net income came to a loss of 71.7 million rupees, or a loss of 3.21 rupees per share, compared to a loss of 61.8 million rupees, or a loss of 2.77 rupees per share, in the year-earlier period.

As of June 16, US$1 was equivalent to 104.61 Pakistani rupees.