Mehran Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, amounted to 1.59 Pakistani rupees per share, a decrease of 22.7% from 2.06 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 50.9 million rupees, a decline of 22.5% from 65.7 million rupees in the year-earlier period.
The normalized profit margin increased to 6.3% from 3.5% in the year-earlier period.
Total revenue decreased 56.9% year over year to 803.2 million rupees from 1.86 billion rupees, and total operating expenses declined 57.3% on an annual basis to 744.6 million rupees from 1.74 billion rupees.
Reported net income fell 12.7% year over year to 64.4 million rupees, or 2.01 rupees per share, from 73.8 million rupees, or 2.31 rupees per share.
As of Feb. 3, US$1 was equivalent to 101.17 Pakistani rupees.
