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Aftab Automobiles fiscal Q2 profit falls YOY

Aftab Automobiles Ltd. said its normalized net income for the fiscal second quarter ended Feb. 29 was 59 poisha per share, a decline of 23.3% from 77 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 57.0 million taka, a decline of 21.1% from 72.3 million taka in the year-earlier period.

The normalized profit margin declined to 7.5% from 10.6% in the year-earlier period.

Total revenue increased 12.0% year over year to 764.3 million taka from 682.2 million taka, and total operating expenses increased 9.8% from the prior-year period to 624.6 million taka from 569.1 million taka.

Reported net income decreased 22.6% on an annual basis to 69.3 million taka, or 72 poisha per share, from 89.5 million taka, or 96 poisha per share.

As of March 30, US$1 was equivalent to 78.51 taka.