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Malek Spinning Mills fiscal Q3 profit climbs 14.6% YOY

Malek Spinning Mills Ltd said its normalized net income for the fiscal third quarter ended March 31 amounted to 35 poisha per share, an increase of 14.6% from 31 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 68.5 million taka, an increase of 14.6% from 59.8 million taka in the year-earlier period.

The normalized profit margin rose to 3.0% from 2.9% in the year-earlier period.

Total revenue rose 13.5% on an annual basis to 2.30 billion taka from 2.03 billion taka, and total operating expenses climbed 13.6% year over year to 2.10 billion taka from 1.85 billion taka.

Reported net income rose 22.9% from the prior-year period to 94.6 million taka, or 49 poisha per share, from 77.0 million taka, or 40 poisha per share.

As of April 28, US$1 was equivalent to 78.34 taka.