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Square Textiles Q1 profit falls YOY

Square Textiles Ltd. said its normalized net income for the first quarter came to 79 poisha per share, a decrease of 17.9% from 97 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 148.9 million taka, a decrease of 17.9% from 181.4 million taka in the year-earlier period.

The normalized profit margin fell to 7.6% from 8.6% in the year-earlier period.

Total revenue fell 6.7% year over year to 1.97 billion taka from 2.11 billion taka, and total operating expenses fell 5.0% on an annual basis to 1.72 billion taka from 1.81 billion taka.

Reported net income decreased 16.7% on an annual basis to 202.6 million taka, or 1.08 taka per share, from 243.3 million taka, or 1.30 taka per share.

As of June 1, US$1 was equivalent to 77.78 taka.