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Hamid Fabrics fiscal Q2 profit falls YOY

Hamid Fabrics Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 8 poisha per share, a decline of 85.1% from 56 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 7.6 million taka, a decline of 85.1% from 51.2 million taka in the year-earlier period.

The normalized profit margin declined to 2.0% from 9.7% in the year-earlier period.

Total revenue fell 28.3% year over year to 377.0 million taka from 525.6 million taka, and total operating expenses fell 15.7% from the prior-year period to 363.3 million taka from 430.9 million taka.

Reported net income declined 71.9% on an annual basis to 20.3 million taka, or 23 poisha per share, from 72.3 million taka, or 80 poisha per share.

As of Jan. 15, US$1 was equivalent to 77.86 taka.