Sakrand Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to a loss of 2.05 Pakistani rupees per share, compared with a loss of 3.20 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 45.8 million rupees, compared with a loss of 71.3 million rupees in the year-earlier period.
The normalized profit margin fell to negative 6.3% from negative 5.9% in the year-earlier period.
Total revenue fell 40.2% on an annual basis to 725.5 million rupees from 1.21 billion rupees, and total operating expenses declined 40.2% on an annual basis to 786.9 million rupees from 1.32 billion rupees.
Reported net income totaled a loss of 69.5 million rupees, or a loss of 3.11 rupees per share, compared to a loss of 110.6 million rupees, or a loss of 4.96 rupees per share, in the prior-year period.
As of March 25, US$1 was equivalent to 101.95 Pakistani rupees.
