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Fu-Wang Foods fiscal Q1 profit climbs YOY

Fu-Wang Foods Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 28 poisha per share, an increase from 11 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 27.9 million taka, a gain from 10.8 million taka in the year-earlier period.

The normalized profit margin climbed to 13.0% from 6.2% in the year-earlier period.

Total revenue grew 23.0% on an annual basis to 214.6 million taka from 174.5 million taka, and total operating expenses rose 7.1% on an annual basis to 167.7 million taka from 156.6 million taka.

Reported net income increased year over year to 32.3 million taka, or 32 poisha per share, from 12.5 million taka, or 12 poisha per share.

As of Nov. 18, US$1 was equivalent to 77.31 taka.