Mehran Sugar Mills Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2016, amounted to a loss of 43 Pakistani paisa per share, compared with 1.14 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 13.9 million rupees, compared with income of 36.4 million rupees in the prior-year period.
The normalized profit margin declined to negative 1.0% from 2.6% in the year-earlier period.
Total revenue increased on an annual basis to 1.44 billion rupees from 1.41 billion rupees, and total operating expenses grew 7.3% on an annual basis to 1.51 billion rupees from 1.41 billion rupees.
Reported net income decreased 48.5% from the prior-year period to 52.0 million rupees, or 1.62 rupees per share, from 101.0 million rupees, or 3.16 rupees per share.
For the year, the company's normalized net income totaled 11.74 rupees per share, a gain of 27.8% from 9.19 rupees per share in the prior year.
Normalized net income was 376.2 million rupees, a gain of 27.8% from 294.3 million rupees in the prior year.
Full-year total revenue rose 63.1% year over year to 7.11 billion rupees from 4.36 billion rupees, and total operating expenses rose 69.5% year over year to 6.58 billion rupees from 3.88 billion rupees.
The company said reported net income increased 26.0% year over year to 541.8 million rupees, or 16.91 rupees per share, in the full year, from 430.0 million rupees, or 13.43 rupees per share.
As of Jan. 20, US$1 was equivalent to 104.81 Pakistani rupees.