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Malek Spinning Mills fiscal Q2 profit climbs YOY

Malek Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 30 poisha per share, a gain from 29 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 59.0 million taka, a gain from 56.3 million taka in the prior-year period.

The normalized profit margin fell to 2.4% from 2.8% in the year-earlier period.

Total revenue increased 21.6% on an annual basis to 2.46 billion taka from 2.03 billion taka, and total operating expenses rose 26.5% from the prior-year period to 2.27 billion taka from 1.80 billion taka.

Reported net income grew 9.3% from the prior-year period to 80.6 million taka, or 42 poisha per share, from 73.7 million taka, or 38 poisha per share.

As of Jan. 29, US$1 was equivalent to 78.42 taka.