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Shahtaj Sugar Mills swings to profit in fiscal Q2

Shahtaj Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 4 Pakistani paisa per share, compared with a loss of 1.35 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 431,880 rupees, compared with a loss of 16.1 million rupees in the year-earlier period.

The normalized profit margin climbed to 0.0% from negative 1.1% in the year-earlier period.

Total revenue declined 8.8% year over year to 1.31 billion rupees from 1.43 billion rupees, and total operating expenses decreased 10.5% year over year to 1.28 billion rupees from 1.43 billion rupees.

Reported net income decreased 16.4% on an annual basis to 24.7 million rupees, or 2.05 rupees per share, from 29.5 million rupees, or 2.46 rupees per share.

As of June 2, US$1 was equivalent to 101.86 Pakistani rupees.