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Al-Abbas Sugar Mills fiscal Q2 profit falls YOY

Al-Abbas Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 amounted to 2.46 Pakistani rupees per share, a decrease from 2.54 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 42.7 million rupees, a decline from 44.1 million rupees in the year-earlier period.

The normalized profit margin increased to 8.4% from 4.0% in the year-earlier period.

Total revenue declined 53.5% year over year to 508.2 million rupees from 1.09 billion rupees, and total operating expenses fell 60.2% on an annual basis to 345.3 million rupees from 866.7 million rupees.

Reported net income decreased 59.1% on an annual basis to 51.8 million rupees, or 2.98 rupees per share, from 126.5 million rupees, or 7.28 rupees per share.

As of May 28, US$1 was equivalent to 101.92 Pakistani rupees.