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Singer Bangladesh swings to profit in Q1

Singer Bangladesh said its normalized net income for the first quarter amounted to 56.2 million taka, compared with a loss of 486,130 taka in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 4.0% from negative 0.0% in the year-earlier period.

Total revenue rose 27.7% on an annual basis to 1.41 billion taka from 1.10 billion taka, and total operating expenses increased 20.3% on an annual basis to 1.30 billion taka from 1.08 billion taka.

Reported net income totaled 61.4 million taka, or 80 poisha per share, compared to a loss of 6.2 million taka, or a loss of 8 poisha per share, in the year-earlier period.

As of May 4, US$1 was equivalent to 78.37 taka.