Pakistan – Sugar mill profits decline

The profits of 24 listed sugar mills out of 28 has declined by 22% to PKR3.8 bln ($1=PKR97.33) during the first quarter of the current year as against PKR4.9 bln in the corresponding period a year ago, said Irfan Saeed of Invest Capital.

A surge of 16% in the sugarcane purchase prices year-on-year paid by the sugar mills during last season is the major reason behind the phenomenal decline in gross profits of the sector, he added. He said the sugarcane was purchased at PKR174 per maund (40 kg) in the first quarter as compared to PKR150 a year ago.

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