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Noon Sugar Mills swings to loss in fiscal Q2

Noon Sugar Mills Ltd. said its normalized net income for the fiscal second quarter ended March 31 was a loss of 3.55 Pakistani rupees per share, compared with 2.06 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 58.6 million rupees, compared with income of 34.1 million rupees in the year-earlier period.

The normalized profit margin declined to negative 16.2% from 4.5% in the year-earlier period.

Total revenue decreased 52.8% year over year to 360.8 million rupees from 764.8 million rupees, and total operating expenses decreased 38.4% on an annual basis to 394.5 million rupees from 641.0 million rupees.

Reported net income came to a loss of 95.0 million rupees, or a loss of 5.75 rupees per share, compared to income of 50.6 million rupees, or 3.06 rupees per share, in the year-earlier period.

As of May 29, US$1 was equivalent to 101.95 Pakistani rupees.