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Golden Harvest Agro Industries fiscal Q2 profit climbs 31.1% YOY

Golden Harvest Agro Industries Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 14 poisha per share, an increase of 31.1% 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 15.4 million taka, an increase of 31.1% from 11.8 million taka in the year-earlier period.

The normalized profit margin fell to 6.7% from 9.5% in the year-earlier period.

Total revenue rose 86.6% on an annual basis to 230.0 million taka from 123.3 million taka, and total operating expenses rose 83.0% on an annual basis to 145.3 million taka from 79.4 million taka.

Reported net income increased 30.7% from the prior-year period to 18.1 million taka, or 17 poisha per share, from 13.9 million taka, or 13 poisha per share.

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