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Gemini Sea Food swings to loss in fiscal Q4

Gemini Sea Food Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30 came to a loss of 12 poisha per share, compared with 94 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 455,760 taka, compared with income of 3.5 million taka in the prior-year period.

The normalized profit margin fell to negative 0.2% from 1.0% in the year-earlier period.

Total revenue decreased 26.7% year over year to 257.1 million taka from 351.0 million taka, and total operating expenses fell 26.7% from the prior-year period to 247.3 million taka from 337.5 million taka.

Reported net income came to a loss of 2.1 million taka, or a loss of 58 poisha per share, compared to income of 3.0 million taka, or 82 poisha per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2.66 taka per share, a gain of 39.1% from 1.91 taka per share in the prior year.

Normalized net income was 9.9 million taka, a rise of 39.1% from 7.1 million taka in the prior year.

Full-year total revenue fell 5.2% year over year to 905.2 million taka from 954.5 million taka, and total operating expenses decreased 5.2% year over year to 862.1 million taka from 909.7 million taka.

The company said reported net income increased on an annual basis to 7.6 million taka, or 2.04 taka per share, in the full year, from 1.5 million taka, or 41 poisha per share.

As of Nov. 17, US$1 was equivalent to 78.07 taka.