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IFAD Autos fiscal Q1 profit climbs YOY

IFAD Autos Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 1.01 taka per share, an increase from 40 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 165.5 million taka, an increase from 53.5 million taka in the year-earlier period.

The normalized profit margin increased to 8.1% from 4.8% in the year-earlier period.

Total revenue increased 80.8% on an annual basis to 2.04 billion taka from 1.13 billion taka, and total operating expenses rose 71.6% year over year to 1.77 billion taka from 1.03 billion taka.

Reported net income rose from the prior-year period to 208.1 million taka, or 1.27 taka per share, from 54.9 million taka, or 41 poisha per share.

As of Oct. 30, US$1 was equivalent to 77.75 taka.