Habib Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to 18 Pakistani paisa per share, a decrease of 6.4% from 19 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 26.6 million rupees, a decrease of 7.0% from 28.6 million rupees in the prior-year period.

The normalized profit margin rose to 2.7% from 2.4% in the year-earlier period.

Total revenue decreased 17.9% on an annual basis to 988.9 million rupees from 1.20 billion rupees, and total operating expenses decreased 21.4% year over year to 949.3 million rupees from 1.21 billion rupees.

Reported net income grew on an annual basis to 97.7 million rupees, or 65 paisa per share, from 48.4 million rupees, or 32 paisa per share.

As of Jan. 28, US$1 was equivalent to 104.92 Pakistani rupees.