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Gemini Sea Food swings to loss in fiscal Q1

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Gemini Sea Food swings to loss in fiscal Q1

Gemini Sea Food Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, was a loss of 10 poisha per share, compared with 82 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 a loss of 362,500 taka, compared with income of 3.0 million taka in the prior-year period.

The normalized profit margin dropped to negative 0.2% from 1.2% in the year-earlier period.

Total revenue decreased 40.8% year over year to 151.7 million taka from 256.3 million taka, and total operating expenses fell 38.8% on an annual basis to 147.3 million taka from 240.4 million taka.

Reported net income came to a loss of 1.7 million taka, or a loss of 47 poisha per share, compared to income of 1.8 million taka, or 48 poisha per share, in the prior-year period.

As of Feb. 6, US$1 was equivalent to 77.85 taka.