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Metro Spinning fiscal Q3 profit falls YOY

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Metro Spinning fiscal Q3 profit falls YOY

Metro Spinning Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 2 poisha per share, a decline of 90.7% from 18 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 1.1 million taka, a decline of 90.4% from 11.1 million taka in the year-earlier period.

The normalized profit margin declined to 0.7% from 4.0% in the year-earlier period.

Total revenue declined 48.1% year over year to 146.0 million taka from 281.3 million taka, and total operating expenses declined 51.6% from the prior-year period to 111.6 million taka from 230.8 million taka.

Reported net income decreased 82.8% year over year to 2.5 million taka, or 4 poisha per share, from 14.8 million taka, or 24 poisha per share.

As of May 1, US$1 was equivalent to 77.72 taka.