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Agricultural Marketing fiscal Q1 profit climbs 6.9% YOY

Agricultural Marketing Co. Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 1.12 taka per share, a gain of 6.8% from 1.05 taka per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.0 million taka, an increase of 6.9% from 8.4 million taka in the prior-year period.

The normalized profit margin declined to 2.5% from 2.5% in the year-earlier period.

Total revenue climbed 9.4% on an annual basis to 366.5 million taka from 335.1 million taka, and total operating expenses rose 11.0% from the prior-year period to 324.1 million taka from 292.0 million taka.

Reported net income increased 11.8% from the prior-year period to 11.4 million taka, or 1.42 taka per share, from 10.2 million taka, or 1.27 taka per share.

As of Oct. 15, US$1 was equivalent to 77.38 taka.