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Sakrand Sugar Mills fiscal Q4 loss narrows YOY

Sakrand Sugar Mills Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to a loss of 2.38 Pakistani rupees per share, compared with a loss of 2.74 rupees 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 53.2 million rupees, compared with a loss of 61.2 million rupees in the prior-year period.

The normalized profit margin dropped to negative 31.8% from negative 15.6% in the year-earlier period.

Total revenue declined 57.3% on an annual basis to 167.5 million rupees from 392.0 million rupees, and total operating expenses decreased 51.3% year over year to 223.4 million rupees from 458.5 million rupees.

Reported net income came to a loss of 2.7 million rupees, or a loss of 12 paisa per share, compared to income of 147.5 million rupees, or 6.61 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 5.82 rupees per share, compared with a loss of 12.30 rupees per share in the prior year.

Normalized net income was a loss of 129.8 million rupees, compared with a loss of 274.5 million rupees in the prior year.

Full-year total revenue decreased 25.0% on an annual basis to 2.61 billion rupees from 3.49 billion rupees, and total operating expenses decreased 27.9% on an annual basis to 2.76 billion rupees from 3.83 billion rupees.

The company said reported net income totaled a loss of 228.2 million rupees, or a loss of 10.23 rupees per share, in the full year, compared with a loss of 186.4 million rupees, or a loss of 8.36 rupees per share, the prior year.

As of Jan. 15, US$1 was equivalent to 104.92 Pakistani rupees.