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Dacca Dyeing & Manufacturing swings to loss in fiscal Q3

Dacca Dyeing & Manufacturing Co. Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 85 poisha per share, compared with 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 74.2 million taka, compared with income of 10.3 million taka in the year-earlier period.

The normalized profit margin dropped to negative 147.7% from 6.9% in the year-earlier period.

Total revenue fell 66.4% year over year to 50.3 million taka from 149.8 million taka, and total operating expenses increased 48.2% from the prior-year period to 124.0 million taka from 83.7 million taka.

Reported net income came to a loss of 118.8 million taka, or a loss of 1.36 taka per share, compared to income of 14.0 million taka, or 16 poisha per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 78.44 taka.