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Shahmurad Sugar Mills swings to loss in fiscal Q3

Shahmurad Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended June 30 was a loss of 19 Pakistani paisa per share, compared with 2.10 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 a loss of 4.0 million rupees, compared with income of 44.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 0.3% from 3.0% in the year-earlier period.

Total revenue declined 11.8% year over year to 1.32 billion rupees from 1.50 billion rupees, and total operating expenses declined 6.6% from the prior-year period to 1.24 billion rupees from 1.33 billion rupees.

Reported net income decreased 81.6% on an annual basis to 13.2 million rupees, or 63 paisa per share, from 71.6 million rupees, or 3.39 rupees per share.

As of July 24, US$1 was equivalent to 101.81 Pakistani rupees.