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H.R. Textile Mills fiscal H2 profit falls YOY

H.R. Textile Mills Ltd. said its normalized net income for the fiscal second half ended Sept. 30, 2015, was 58 poisha per share, a decline of 32.2% from 86 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 14.6 million taka, a decline of 32.7% from 21.7 million taka in the year-earlier period.

Total revenue fell 11.6% year over year to 729.8 million taka from 825.4 million taka, and total operating expenses decreased 11.0% on an annual basis to 650.4 million taka from 730.4 million taka.

Reported net income decreased 32.7% year over year to 19.9 million taka, or 79 poisha per share, from 29.6 million taka, or 1.17 taka per share.

For the year, the company's normalized net income totaled 90 poisha per share, a decrease of 38.4% from 1.46 taka per share in the prior year.

Normalized net income was 22.7 million taka, a decline of 38.2% from 36.7 million taka in the prior year.

Full-year total revenue decreased 20.0% year over year to 1.28 billion taka from 1.60 billion taka, and total operating expenses declined 19.8% year over year to 1.19 billion taka from 1.48 billion taka.

The company said reported net income decreased 38.2% on an annual basis to 30.9 million taka, or 1.22 taka per share, in the full year, from 50.0 million taka, or 1.98 taka per share.

As of Jan. 15, US$1 was equivalent to 78.52 taka.