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Apex Spinning & Knitting Mills fiscal Q3 profit falls YOY

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Apex Spinning & Knitting Mills fiscal Q3 profit falls YOY

Apex Spinning & Knitting Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 60 poisha per share, a decrease of 18.2% from 74 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 5.1 million taka, a decrease of 18.9% from 6.2 million taka in the year-earlier period.

The normalized profit margin dropped to 0.6% from 0.9% in the year-earlier period.

Total revenue grew 15.0% on an annual basis to 785.2 million taka from 682.5 million taka, and total operating expenses rose 15.7% from the prior-year period to 779.4 million taka from 673.6 million taka.

Reported net income rose 18.2% year over year to 5.7 million taka, or 68 poisha per share, from 4.8 million taka, or 57 poisha per share.

As of Feb. 2, US$1 was equivalent to 77.77 taka.