Noon Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to a loss of 1.31 Pakistani rupees per share, compared with a loss of 1.38 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 a loss of 21.7 million rupees, compared with a loss of 22.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 4.6% from negative 4.0% in the year-earlier period.

Total revenue declined 17.9% on an annual basis to 473.0 million rupees from 576.4 million rupees, and total operating expenses decreased 16.5% on an annual basis to 494.4 million rupees from 591.9 million rupees.

Reported net income totaled a loss of 39.5 million rupees, or a loss of 2.39 rupees per share, compared to a loss of 42.2 million rupees, or a loss of 2.56 rupees per share, in the prior-year period.

As of Jan. 29, US$1 was equivalent to 104.89 Pakistani rupees.