Shahmurad Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 amounted to 9.86 Pakistani rupees per share, a gain of 41.1% from 6.98 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 208.2 million rupees, an increase of 41.2% from 147.5 million rupees in the prior-year period.

The normalized profit margin rose to 25.6% from 13.5% in the year-earlier period.

Total revenue declined 25.3% year over year to 814.5 million rupees from 1.09 billion rupees, and total operating expenses fell 41.8% year over year to 436.8 million rupees from 751.1 million rupees.

Reported net income rose 33.7% year over year to 262.6 million rupees, or 12.43 rupees per share, from 196.4 million rupees, or 9.30 rupees per share.

As of May 22, US$1 was equivalent to 101.92 Pakistani rupees.