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IFAD Autos fiscal Q2 profit falls YOY

IFAD Autos Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 26 poisha per share, a decrease of 21.4% from 33 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 35.0 million taka, a decrease of 19.9% from 43.7 million taka in the year-earlier period.

The normalized profit margin rose to 4.2% from 3.5% in the year-earlier period.

Total revenue fell 33.4% year over year to 829.5 million taka from 1.25 billion taka, and total operating expenses decreased 31.2% from the prior-year period to 793.6 million taka from 1.15 billion taka.

Reported net income declined 22.6% year over year to 36.5 million taka, or 27 poisha per share, from 47.1 million taka, or 35 poisha per share.

As of Jan. 30, US$1 was equivalent to 77.44 taka.