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Hwa Well Textiles fiscal Q3 profit falls YOY

Hwa Well Textiles (BD) Ltd said its normalized net income for the fiscal third quarter ended March 31 came to 31 poisha per share, a decline of 57.1% from 72 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 17.4 million taka, a decrease of 36.7% from 27.5 million taka in the prior-year period.

The normalized profit margin rose to 7.0% from 6.5% in the year-earlier period.

Total revenue declined 40.8% year over year to 250.0 million taka from 422.0 million taka, and total operating expenses decreased 41.5% from the prior-year period to 226.8 million taka from 388.0 million taka.

Reported net income declined 39.1% year over year to 22.8 million taka, or 41 poisha per share, from 37.4 million taka, or 98 poisha per share.

As of May 1, US$1 was equivalent to 77.72 taka.