Chashma Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 amounted to 2.20 Pakistani rupees per share, a decline of 49.4% from 4.34 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 63.0 million rupees, a decrease of 49.4% from 124.5 million rupees in the prior-year period.

The normalized profit margin declined to 1.3% from 3.6% in the year-earlier period.

Total revenue climbed 40.6% on an annual basis to 4.85 billion rupees from 3.45 billion rupees, and total operating expenses rose 48.0% on an annual basis to 4.63 billion rupees from 3.12 billion rupees.

Reported net income declined 61.8% year over year to 73.5 million rupees, or 2.56 rupees per share, from 192.2 million rupees, or 6.70 rupees per share.

As of July 27, US$1 was equivalent to 104.83 Pakistani rupees.