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Safko Spinning Mills Q1 profit falls YOY

Safko Spinning Mills Ltd. said its first-quarter normalized net income came to 10 poisha per share, a decrease of 41.3% from 17 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 2.9 million taka, a decrease of 40.2% from 4.9 million taka in the prior-year period.

The normalized profit margin fell to 4.0% from 5.9% in the year-earlier period.

Total revenue decreased 11.4% on an annual basis to 73.5 million taka from 83.0 million taka, and total operating expenses declined 7.2% from the prior-year period to 62.6 million taka from 67.4 million taka.

Reported net income declined 40.2% year over year to 4.0 million taka, or 14 poisha per share, from 6.7 million taka, or 23 poisha per share.

As of April 15, US$1 was equivalent to 77.75 taka.