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.