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Apex Footwear Q1 loss widens YOY

Apex Footwear Ltd. said its first-quarter normalized net income was a loss of 5.11 taka per share, compared with a loss of 18 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 a loss of 57.5 million taka, compared with a loss of 2.0 million taka in the year-earlier period.

The normalized profit margin declined to negative 2.5% from negative 0.1% in the year-earlier period.

Total revenue fell 19.3% on an annual basis to 2.27 billion taka from 2.81 billion taka, and total operating expenses fell 18.0% on an annual basis to 2.19 billion taka from 2.68 billion taka.

Reported net income came to a loss of 106.3 million taka, or a loss of 9.45 taka per share, compared to a loss of 32.1 million taka, or a loss of 2.86 taka per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 77.76 taka.