Chashma Sugar Mills Ltd said its normalized net income for the fiscal second quarter ended March 31 amounted to a loss of 1.38 Pakistani rupees per share, compared with a loss of 3.17 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 38.9 million rupees, compared with a loss of 90.9 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 2.9% from negative 4.1% in the year-earlier period.

Total revenue decreased 41.0% year over year to 1.32 billion rupees from 2.24 billion rupees, and total operating expenses declined 45.1% on an annual basis to 1.28 billion rupees from 2.33 billion rupees.

Reported net income totaled a loss of 4.5 million rupees, or a loss of 16 paisa per share, compared to a loss of 144.4 million rupees, or a loss of 5.03 rupees per share, in the year-earlier period.

As of May 29, US$1 was equivalent to 101.95 Pakistani rupees.