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Apex Tannery fiscal Q3 profit falls YOY

Apex Tannery Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 7 poisha per share, a decline of 89.9% from 71 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 1.0 million taka, a decrease of 90.7% from 10.9 million taka in the year-earlier period.

The normalized profit margin declined to 0.1% from 1.2% in the year-earlier period.

Total revenue declined year over year to 877.6 million taka from 917.8 million taka, and total operating expenses decreased year over year to 880.9 million taka from 907.2 million taka.

Reported net income totaled a loss of 708,000 taka, or a loss of 5 poisha per share, compared to income of 12.8 million taka, or 83 poisha per share, in the prior-year period.

As of April 30, US$1 was equivalent to 77.92 taka.