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Desh Garments fiscal Q2 profit climbs 47.3% YOY

Desh Garments Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 29 poisha per share, a gain of 46.8% from 20 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 1.8 million taka, a gain of 47.3% from 1.2 million taka in the year-earlier period.

The normalized profit margin fell to 1.8% from 2.2% in the year-earlier period.

Total revenue grew 75.4% on an annual basis to 96.2 million taka from 54.9 million taka, and total operating expenses climbed 74.4% on an annual basis to 94.9 million taka from 54.4 million taka.

Reported net income increased 51.6% from the prior-year period to 2.4 million taka, or 40 poisha per share, from 1.6 million taka, or 26 poisha per share.

As of Jan. 29, US$1 was equivalent to 77.40 taka.