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Habib Sugar Mills fiscal Q1 profit falls YOY

Habib Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to 19 Pakistani paisa per share, a decline of 16.4% from 23 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 28.6 million rupees, a decline of 15.4% from 33.8 million rupees in the year-earlier period.

The normalized profit margin declined to 2.4% from 3.4% in the year-earlier period.

Total revenue rose 21.7% on an annual basis to 1.20 billion rupees from 989.2 million rupees, and total operating expenses grew 27.6% on an annual basis to 1.21 billion rupees from 947.2 million rupees.

Reported net income grew from the prior-year period to 48.4 million rupees, or 32 paisa per share, from 46.4 million rupees, or 31 paisa per share.

As of Jan. 30, US$1 was equivalent to 101.08 Pakistani rupees.