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Al-Noor Sugar Mills fiscal Q1 loss narrows YOY

Al-Noor Sugar Mills Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to a loss of 35 Pakistani paisa per share, compared with a loss of 8.26 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 7.2 million rupees, compared with a loss of 169.1 million rupees in the year-earlier period.

The normalized profit margin increased to negative 0.3% from negative 10.0% in the year-earlier period.

Total revenue increased 43.7% year over year to 2.43 billion rupees from 1.69 billion rupees, and total operating expenses climbed 27.7% from the prior-year period to 2.41 billion rupees from 1.88 billion rupees.

Reported net income came to a loss of 49.5 million rupees, or a loss of 2.42 rupees per share, compared to a loss of 270.2 million rupees, or a loss of 13.20 rupees per share, in the year-earlier period.

As of Jan. 29, US$1 was equivalent to 104.89 Pakistani rupees.