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Noon Sugar Mills swings to profit in fiscal Q3

Noon Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 amounted to 2.50 Pakistani rupees per share, compared with a loss of 76 paisa per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 41.3 million rupees, compared with a loss of 12.5 million rupees in the year-earlier period.

The normalized profit margin rose to 7.1% from negative 1.1% in the year-earlier period.

Total revenue declined 48.1% year over year to 583.3 million rupees from 1.12 billion rupees, and total operating expenses declined 55.6% year over year to 490.1 million rupees from 1.10 billion rupees.

Reported net income totaled 60.3 million rupees, or 3.65 rupees per share, compared to a loss of 31.3 million rupees, or a loss of 1.89 rupees per share, in the year-earlier period.

As of July 29, US$1 was equivalent to 104.83 Pakistani rupees.