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Husein Sugar Mills swings to profit in fiscal Q2

Husein Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 was 4.29 Pakistani rupees per share, compared with a loss of 6.38 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 72.9 million rupees, compared with a loss of 108.5 million rupees in the prior-year period.

The normalized profit margin increased to 5.0% from negative 8.6% in the year-earlier period.

Total revenue rose 15.3% on an annual basis to 1.46 billion rupees from 1.27 billion rupees, and total operating expenses fell 7.1% year over year to 1.32 billion rupees from 1.42 billion rupees.

Reported net income totaled 165.9 million rupees, or 9.76 rupees per share, compared to a loss of 173.6 million rupees, or a loss of 10.21 rupees per share, in the prior-year period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.