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Beach Hatchery swings to loss in Q2

Beach Hatchery Ltd. said its normalized net income for the second quarter amounted to a loss of 7 poisha per share, compared with 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 a loss of 2.8 million taka, compared with income of 8.7 million taka in the year-earlier period.

The normalized profit margin fell to negative 31.5% from 23.2% in the year-earlier period.

Total revenue declined 75.8% on an annual basis to 9.0 million taka from 37.3 million taka, and total operating expenses decreased 44.6% year over year to 12.4 million taka from 22.4 million taka.

Reported net income totaled a loss of 4.6 million taka, or a loss of 11 poisha per share, compared to income of 13.4 million taka, or 32 poisha per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 77.74 taka.