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Premier Sugar Mills & Distillery swings to loss in fiscal Q3

The Premier Sugar Mills & Distillery Co. Ltd. said its normalized net income for the fiscal third quarter ended June 30 was a loss of 2.57 Pakistani rupees per share, compared with 35.29 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.7 million rupees, compared with income of 133.8 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.2% from 3.8% in the year-earlier period.

Total revenue grew 50.0% year over year to 5.35 billion rupees from 3.57 billion rupees, and total operating expenses climbed 63.3% on an annual basis to 5.22 billion rupees from 3.20 billion rupees.

Reported net income totaled a loss of 95.5 million rupees, or a loss of 25.40 rupees per share, compared to income of 98.3 million rupees, or 25.94 rupees per share, in the prior-year period.

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