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Envoy Textiles fiscal Q2 profit falls YOY

Envoy Textiles Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 60 poisha per share, a decline of 20.5% from 75 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 99.1 million taka, a decline of 20.0% from 123.8 million taka in the year-earlier period.

The normalized profit margin fell to 6.3% from 8.3% in the year-earlier period.

Total revenue increased 5.5% on an annual basis to 1.58 billion taka from 1.50 billion taka, and total operating expenses increased 9.5% on an annual basis to 1.35 billion taka from 1.23 billion taka.

Reported net income decreased 20.7% year over year to 142.1 million taka, or 86 poisha per share, from 179.2 million taka, or 1.09 taka per share.

As of April 28, US$1 was equivalent to 78.34 taka.