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Haseeb Waqas Sugar Mills fiscal Q2 loss widens 49.5% YOY

Haseeb Waqas Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to a loss of 3.79 Pakistani rupees per share, compared with a loss of 2.53 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 a loss of 122.7 million rupees, compared with a loss of 82.1 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 27.5% from negative 7.5% in the year-earlier period.

Total revenue declined 59.0% year over year to 445.8 million rupees from 1.09 billion rupees, and total operating expenses fell 48.9% on an annual basis to 598.9 million rupees from 1.17 billion rupees.

Reported net income totaled a loss of 175.2 million rupees, or a loss of 5.41 rupees per share, compared to a loss of 141.7 million rupees, or a loss of 4.37 rupees per share, in the year-earlier period.

As of June 5, US$1 was equivalent to 101.89 Pakistani rupees.