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Adam Sugar Mills swings to profit in fiscal Q2

Adam Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 was 6.53 Pakistani rupees per share, compared with a loss of 2.71 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 112.9 million rupees, compared with a loss of 46.9 million rupees in the year-earlier period.

The normalized profit margin increased to 7.6% from negative 6.4% in the year-earlier period.

Total revenue increased on an annual basis to 1.49 billion rupees from 736.2 million rupees, and total operating expenses climbed 66.5% on an annual basis to 1.27 billion rupees from 762.0 million rupees.

Reported net income totaled 185.8 million rupees, or 10.74 rupees per share, compared to a loss of 40.0 million rupees, or a loss of 2.31 rupees per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 104.80 Pakistani rupees.