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National Tea Q1 loss widens YOY

National Tea Co. Ltd. said its first-quarter normalized net income amounted to a loss of 11.67 taka per share, compared with a loss of 11.21 taka per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 77.4 million taka, compared with a loss of 74.0 million taka in the prior-year period.

The normalized profit margin fell to negative 60.1% from negative 43.8% in the year-earlier period.

Total revenue decreased 23.7% on an annual basis to 128.7 million taka from 168.7 million taka, and total operating expenses decreased 13.9% from the prior-year period to 245.2 million taka from 284.9 million taka.

Reported net income totaled a loss of 124.3 million taka, or a loss of 18.75 taka per share, compared to a loss of 118.3 million taka, or a loss of 17.93 taka per share, in the year-earlier period.

As of April 15, US$1 was equivalent to 77.75 taka.