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Premier Sugar Mills & Distillery fiscal Q2 loss narrows YOY

The Premier Sugar Mills & Distillery Company Ltd said its normalized net income for the fiscal second quarter ended March 31 amounted to a loss of 5.29 Pakistani rupees per share, compared with a loss of 23.68 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 25.7 million rupees, compared with a loss of 114.4 million rupees in the year-earlier period.

The normalized profit margin increased to negative 1.9% from negative 4.6% in the year-earlier period.

Total revenue declined 46.6% year over year to 1.32 billion rupees from 2.48 billion rupees, and total operating expenses decreased 51.9% year over year to 1.25 billion rupees from 2.60 billion rupees.

Reported net income came to 36.5 million rupees, or 7.49 rupees per share, compared to a loss of 110.2 million rupees, or a loss of 22.82 rupees per share, in the year-earlier period.

As of June 1, US$1 was equivalent to 101.89 Pakistani rupees.