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.