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Bangladesh Autocars swings to profit in fiscal Q1

Bangladesh Autocars Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 6 poisha per share, compared with a loss of 8 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 216,320 taka, compared with a loss of 315,160 taka in the prior-year period.

The normalized profit margin climbed to 1.0% from negative 1.9% in the year-earlier period.

Total revenue grew 23.4% on an annual basis to 21.0 million taka from 17.0 million taka, and total operating expenses rose 22.5% from the prior-year period to 19.3 million taka from 15.8 million taka.

Reported net income totaled 171,010 taka, or 5 poisha per share, compared to a loss of 504,260 taka, or a loss of 13 poisha per share, in the year-earlier period.

As of Nov. 19, US$1 was equivalent to 77.31 taka.