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Safko Spinning Mills Q2 profit falls YOY

Safko Spinning Mills Ltd. said its second-quarter normalized net income amounted to 12 poisha per share, a decline of 28.1% from 16 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 3.4 million taka, a decline of 29.3% from 4.7 million taka in the year-earlier period.

The normalized profit margin fell to 4.5% from 5.7% in the year-earlier period.

Total revenue decreased 11.0% on an annual basis to 74.0 million taka from 83.2 million taka, and total operating expenses declined 7.7% on an annual basis to 62.6 million taka from 67.8 million taka.

Reported net income declined 29.3% on an annual basis to 4.6 million taka, or 16 poisha per share, from 6.4 million taka, or 22 poisha per share.

As of July 15, US$1 was equivalent to 77.74 taka.