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Atlas Bangladesh swings to loss in fiscal Q2

Atlas Bangladesh Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 2 poisha per share, compared with 38 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 a loss of 787,720 taka, compared with income of 11.3 million taka in the year-earlier period.

The normalized profit margin fell to negative 12.7% from 1.6% in the year-earlier period.

Total revenue fell 99.1% year over year to 6.2 million taka from 715.5 million taka, and total operating expenses decreased 95.8% from the prior-year period to 29.3 million taka from 700.5 million taka.

Reported net income totaled a loss of 1.3 million taka, or a loss of 4 poisha per share, compared to income of 13.7 million taka, or 46 poisha per share, in the year-earlier period.

As of Jan. 21, US$1 was equivalent to 77.88 taka.