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Golden Harvest Agro Industries fiscal Q1 profit falls YOY

Golden Harvest Agro Industries Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 29 poisha per share, a decrease of 11.4% from 32 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 31.3 million taka, a decline of 11.4% from 35.3 million taka in the year-earlier period.

The normalized profit margin dropped to 16.0% from 20.8% in the year-earlier period.

Total revenue climbed 15.0% on an annual basis to 194.9 million taka from 169.5 million taka, and total operating expenses climbed 9.5% on an annual basis to 120.9 million taka from 110.5 million taka.

Reported net income fell 17.6% from the prior-year period to 34.3 million taka, or 31 poisha per share, from 41.6 million taka, or 38 poisha per share.

As of Oct. 15, US$1 was equivalent to 77.38 taka.