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Mirpurkhas Sugar Mills fiscal Q1 loss narrows YOY

Mirpurkhas Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to a loss of 33 Pakistani paisa per share, compared with a loss of 80 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 a loss of 4.0 million rupees, compared with a loss of 9.8 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 0.9% from negative 1.7% in the year-earlier period.

Total revenue fell 20.4% year over year to 450.9 million rupees from 566.6 million rupees, and total operating expenses fell 16.5% year over year to 483.5 million rupees from 578.9 million rupees.

Reported net income came to a loss of 12.4 million rupees, or a loss of 1.01 rupees per share, compared to a loss of 23.3 million rupees, or a loss of 1.90 rupees per share, in the prior-year period.

As of Jan. 20, US$1 was equivalent to 100.70 Pakistani rupees.