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Bangladesh Autocars fiscal Q2 profit falls YOY

Bangladesh Autocars Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 3 poisha per share, a decline of 85.4% from 22 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 130,270 taka, a decrease of 74.0% from 500,980 taka in the prior-year period.

The normalized profit margin declined to 0.7% from 2.9% in the year-earlier period.

Total revenue grew 13.6% year over year to 19.4 million taka from 17.1 million taka, and total operating expenses rose 22.9% on an annual basis to 18.1 million taka from 14.7 million taka.

Reported net income declined 85.5% on an annual basis to 81,520 taka, or 2 poisha per share, from 561,640 taka, or 25 poisha per share.

As of Feb. 2, US$1 was equivalent to 77.77 taka.