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Atlas Bangladesh swings to loss in fiscal Q3

Atlas Bangladesh Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 47 poisha per share, compared with 27 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 a loss of 14.1 million taka, compared with income of 7.3 million taka in the prior-year period.

The normalized profit margin declined to negative 270.6% from 1.6% in the year-earlier period.

Total revenue decreased 98.8% on an annual basis to 5.2 million taka from 448.4 million taka, and total operating expenses decreased 93.5% from the prior-year period to 29.1 million taka from 446.0 million taka.

Reported net income totaled a loss of 22.6 million taka, or a loss of 75 poisha per share, compared to income of 8.2 million taka, or 30 poisha per share, in the prior-year period.

As of April 27, US$1 was equivalent to 77.86 taka.