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Ansari Sugar Mills fiscal Q1 loss widens YOY

Ansari Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of 2.75 Pakistani rupees per share, compared with a loss of 1.29 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 67.0 million rupees, compared with a loss of 31.5 million rupees in the prior-year period.

The normalized profit margin declined to negative 59.9% from negative 6.9% in the year-earlier period.

Total revenue fell 75.4% year over year to 111.8 million rupees from 453.9 million rupees, and total operating expenses decreased 74.7% on an annual basis to 106.4 million rupees from 421.0 million rupees.

Reported net income came to a loss of 85.4 million rupees, or a loss of 3.50 rupees per share, compared to a loss of 54.9 million rupees, or a loss of 2.25 rupees per share, in the year-earlier period.

As of Jan. 30, US$1 was equivalent to 101.08 Pakistani rupees.