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Mehran Sugar Mills fiscal Q3 profit climbs 10.0% YOY

Mehran Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 came to 2.30 Pakistani rupees per share, an increase of 9.9% from 2.09 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 73.7 million rupees, a gain of 10.0% from 67.0 million rupees in the prior-year period.

The normalized profit margin fell to 2.5% from 4.3% in the year-earlier period.

Total revenue climbed 89.7% year over year to 2.95 billion rupees from 1.56 billion rupees, and total operating expenses grew on an annual basis to 2.83 billion rupees from 1.39 billion rupees.

Reported net income increased 12.0% from the prior-year period to 114.6 million rupees, or 3.58 rupees per share, from 102.4 million rupees, or 3.20 rupees per share.

As of Aug. 2, US$1 was equivalent to 104.78 Pakistani rupees.