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Premier Sugar Mills & Distillery swings to profit in fiscal Q1

The Premier Sugar Mills & Distillery Company Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was 9.04 Pakistani rupees per share, compared with a loss of 8.30 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 38.5 million rupees, compared with a loss of 29.5 million rupees in the prior-year period.

The normalized profit margin rose to 4.0% from negative 1.3% in the year-earlier period.

Total revenue declined 57.3% on an annual basis to 967.4 million rupees from 2.27 billion rupees, and total operating expenses fell 63.6% on an annual basis to 821.0 million rupees from 2.26 billion rupees.

Reported net income totaled 16.5 million rupees, or 3.89 rupees per share, compared to a loss of 30.1 million rupees, or a loss of 8.47 rupees per share, in the year-earlier period.

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