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Bangas swings to loss in fiscal Q4

Bangas Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 amounted to a loss of 86 poisha per share, compared with 17 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 a loss of 5.5 million taka, compared with income of 1.1 million taka in the year-earlier period.

The normalized profit margin dropped to negative 34.7% from 3.6% in the year-earlier period.

Total revenue declined 47.9% on an annual basis to 15.8 million taka from 30.3 million taka, and total operating expenses declined 16.5% on an annual basis to 23.5 million taka from 28.2 million taka.

Reported net income came to a loss of 5.4 million taka, or a loss of 85 poisha per share, compared to income of 2.3 million taka, or 37 poisha per share, in the prior-year period.

For the year, the company's normalized net income totaled 2.58 taka per share, a gain of 8.9% from 2.37 taka per share in the prior year.

Normalized net income was 16.3 million taka, a rise of 8.9% from 15.0 million taka in the prior year.

Full-year total revenue grew from the prior-year period to 133.5 million taka from 132.0 million taka, and total operating expenses declined on an annual basis to 105.0 million taka from 106.1 million taka.

The company said reported net income increased 5.8% on an annual basis to 19.5 million taka, or 3.08 taka per share, in the full year, from 18.4 million taka, or 2.92 taka per share.

As of Nov. 24, US$1 was equivalent to 77.41 taka.