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Modern Dyeing & Screen Printing swings to loss in fiscal Q1

Modern Dyeing & Screen Printing Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 34 poisha per share, compared with 36 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 465,750 taka, compared with income of 496,380 taka in the prior-year period.

Total revenue decreased 95.2% on an annual basis to 98,130 taka from 2.0 million taka, and total operating expenses decreased 32.2% on an annual basis to 843,330 taka from 1.2 million taka.

Reported net income totaled a loss of 745,200 taka, or a loss of 54 poisha per share, compared to income of 496,380 taka, or 36 poisha per share, in the prior-year period.

As of Oct. 15, US$1 was equivalent to 77.38 taka.