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Aftab Automobiles fiscal Q1 profit falls YOY

Aftab Automobiles Ltd. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, amounted to 61 poisha per share, a decrease of 8.4% from 66 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 57.7 million taka, a decline of 9.0% from 63.4 million taka in the year-earlier period.

The normalized profit margin fell to 6.9% from 8.2% in the year-earlier period.

Total revenue decreased 15.9% on an annual basis to 650.7 million taka from 774.1 million taka, and total operating expenses fell 19.0% on an annual basis to 524.2 million taka from 646.9 million taka.

Reported net income decreased 7.2% from the prior-year period to 67.5 million taka, or 71 poisha per share, from 72.8 million taka, or 76 poisha per share.

As of Jan. 12, US$1 was equivalent to 77.93 taka.