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Chashma Sugar Mills swings to profit in fiscal Q1

Chashma Sugar Mills Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 1.74 Pakistani rupees per share, compared with a loss of 78 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 49.8 million rupees, compared with a loss of 22.5 million rupees in the year-earlier period.

The normalized profit margin climbed to 5.3% from negative 1.2% in the year-earlier period.

Total revenue fell 49.5% year over year to 936.1 million rupees from 1.85 billion rupees, and total operating expenses declined 57.5% from the prior-year period to 783.6 million rupees from 1.84 billion rupees.

Reported net income came to 72.3 million rupees, or 2.52 rupees per share, compared to a loss of 31.1 million rupees, or a loss of 1.08 rupees per share, in the year-earlier period.

As of Jan. 23, US$1 was equivalent to 100.89 Pakistani rupees.