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Modern Dyeing & Screen Printing swings to loss in fiscal Q2

Modern Dyeing & Screen Printing Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to a loss of 46 poisha per share, compared with 29 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 626,860 taka, compared with income of 391,990 taka in the year-earlier period.

The normalized profit margin declined to negative 30.4% from 16.6% in the year-earlier period.

Total revenue declined 13.0% on an annual basis to 2.1 million taka from 2.4 million taka, and total operating expenses increased 76.1% on an annual basis to 3.1 million taka from 1.7 million taka.

Reported net income totaled a loss of 1.0 million taka, or a loss of 73 poisha per share, compared to income of 407,670 taka, or 30 poisha per share, in the year-earlier period.

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