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Apex Spinning & Knitting Mills fiscal Q2 profit falls YOY

Apex Spinning & Knitting Mills Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 55 poisha per share, a decline of 27.1% from 75 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 4.5 million taka, a decline of 27.0% from 6.2 million taka in the prior-year period.

The normalized profit margin fell to 0.7% from 1.2% in the year-earlier period.

Total revenue climbed 31.4% year over year to 695.0 million taka from 528.9 million taka, and total operating expenses climbed 32.2% year over year to 687.0 million taka from 519.6 million taka.

Reported net income rose 59.4% on an annual basis to 3.6 million taka, or 43 poisha per share, from 2.2 million taka, or 27 poisha per share.

As of Oct. 24, US$1 was equivalent to 77.38 taka.