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Abdullah Shah Ghazi Sugar Mills fiscal Q2 loss widens YOY

Abdullah Shah Ghazi Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 came to a loss of 1.08 Pakistani rupees per share, compared with a loss of 16 paisa 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 86.0 million rupees, compared with a loss of 12.4 million rupees in the year-earlier period.

The normalized profit margin fell to negative 10.0% from negative 1.7% in the year-earlier period.

Total revenue rose 19.8% on an annual basis to 861.8 million rupees from 719.1 million rupees, and total operating expenses increased 37.2% on an annual basis to 982.1 million rupees from 715.6 million rupees.

Reported net income totaled a loss of 89.7 million rupees, or a loss of 1.13 rupees per share, compared to a loss of 19.5 million rupees, or a loss of 25 paisa per share, in the prior-year period.

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