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Haseeb Waqas Sugar Mills fiscal Q4 loss widens YOY

Haseeb Waqas Sugar Mills Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to a loss of 3.89 Pakistani rupees per share, compared with a loss of 3.77 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 126.2 million rupees, compared with a loss of 122.3 million rupees in the prior-year period.

Reported net income totaled a loss of 188.2 million rupees, or a loss of 5.81 rupees per share, compared to a loss of 183.8 million rupees, or a loss of 5.67 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 15.23 rupees per share, compared with a loss of 12.14 rupees per share in the prior year.

Normalized net income was a loss of 493.5 million rupees, compared with a loss of 393.5 million rupees in the prior year.

Full-year total revenue declined 36.5% year over year to 1.38 billion rupees from 2.17 billion rupees, and total operating expenses declined 22.5% on an annual basis to 2.03 billion rupees from 2.62 billion rupees.

The company said reported net income totaled a loss of 779.8 million rupees, or a loss of 24.07 rupees per share, in the full year, compared with a loss of 625.1 million rupees, or a loss of 19.29 rupees per share, the prior year.

As of Jan. 11, US$1 was equivalent to 104.92 Pakistani rupees.