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Golden Harvest Agro Industries fiscal Q2 profit falls YOY

Golden Harvest Agro Industries Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 11 poisha per share, a decline of 47.4% from 21 poisha per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.8 million taka, a decrease of 47.4% from 22.4 million taka in the year-earlier period.

The normalized profit margin dropped to 9.5% from 14.0% in the year-earlier period.

Total revenue decreased 22.5% on an annual basis to 123.3 million taka from 159.2 million taka, and total operating expenses decreased 29.3% from the prior-year period to 79.4 million taka from 112.2 million taka.

Reported net income decreased 39.4% from the prior-year period to 13.9 million taka, or 13 poisha per share, from 22.9 million taka, or 21 poisha per share.

As of Jan. 30, US$1 was equivalent to 77.44 taka.