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Imam Button Industries fiscal Q1 loss narrows YOY

Imam Button Industries Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 27 poisha per share, compared with a loss of 34 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 2.1 million taka, compared with a loss of 2.7 million taka in the prior-year period.

The normalized profit margin dropped to negative 28.3% from negative 28.0% in the year-earlier period.

Total revenue fell 23.3% year over year to 7.3 million taka from 9.5 million taka, and total operating expenses declined 21.8% from the prior-year period to 10.3 million taka from 13.2 million taka.

Reported net income totaled a loss of 3.3 million taka, or a loss of 43 poisha per share, compared to a loss of 4.3 million taka, or a loss of 55 poisha per share, in the year-earlier period.

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