Sakrand Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 was a loss of 1.95 Pakistani rupees per share, compared with a loss of 3.06 rupees 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 43.6 million rupees, compared with a loss of 68.4 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 8.1% from negative 22.0% in the year-earlier period.

Total revenue grew 74.1% on an annual basis to 540.5 million rupees from 310.5 million rupees, and total operating expenses increased 50.0% on an annual basis to 599.6 million rupees from 399.8 million rupees.

Reported net income came to a loss of 75.2 million rupees, or a loss of 3.37 rupees per share, compared to a loss of 109.4 million rupees, or a loss of 4.90 rupees per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to 105.47 Pakistani rupees.