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Sonargaon Textiles Q1 loss widens YOY

Sonargaon Textiles Ltd. said its first-quarter normalized net income amounted to a loss of 34 poisha per share, compared with a loss of 12 poisha per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.1 million taka, compared with a loss of 3.0 million taka in the prior-year period.

The normalized profit margin declined to negative 4.7% from negative 1.3% in the year-earlier period.

Total revenue declined 17.3% year over year to 193.7 million taka from 234.1 million taka, and total operating expenses declined 17.1% from the prior-year period to 182.0 million taka from 219.5 million taka.

Reported net income totaled a loss of 15.2 million taka, or a loss of 57 poisha per share, compared to a loss of 6.0 million taka, or a loss of 23 poisha per share, in the year-earlier period.

As of April 15, US$1 was equivalent to 77.75 taka.