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Husein Sugar Mills swings to profit in fiscal Q1

Husein Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to 75 Pakistani paisa per share, compared with a loss of 1.39 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 12.8 million rupees, compared with a loss of 23.5 million rupees in the year-earlier period.

The normalized profit margin rose to 1.9% from negative 3.8% in the year-earlier period.

Total revenue grew 12.3% on an annual basis to 687.0 million rupees from 611.6 million rupees, and total operating expenses rose on an annual basis to 653.5 million rupees from 634.5 million rupees.

Reported net income totaled 13.7 million rupees, or 80 paisa per share, compared to a loss of 37.7 million rupees, or a loss of 2.22 rupees per share, in the year-earlier period.

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