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Husein Sugar Mills swings to loss in fiscal Q2

Husein Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 came to a loss of 6.38 Pakistani rupees per share, compared with 96 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 108.5 million rupees, compared with income of 16.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 8.6% from 1.5% in the year-earlier period.

Total revenue rose 15.5% on an annual basis to 1.27 billion rupees from 1.10 billion rupees, and total operating expenses grew 36.5% year over year to 1.42 billion rupees from 1.04 billion rupees.

Reported net income came to a loss of 173.6 million rupees, or a loss of 10.21 rupees per share, compared to a loss of 11.8 million rupees, or a loss of 69 paisa per share, in the prior-year period.

As of May 29, US$1 was equivalent to 101.95 Pakistani rupees.