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Jute Spinners fiscal Q2 loss narrows YOY

Jute Spinners Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of 4.55 taka per share, compared with a loss of 4.58 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 a loss of 7.7 million taka, compared with a loss of 7.8 million taka in the prior-year period.

The normalized profit margin rose to negative 4.8% from negative 9.5% in the year-earlier period.

Total revenue rose 95.4% on an annual basis to 159.9 million taka from 81.8 million taka, and total operating expenses grew 85.6% on an annual basis to 160.1 million taka from 86.3 million taka.

Reported net income totaled a loss of 12.8 million taka, or a loss of 7.54 taka per share, compared to a loss of 12.8 million taka, or a loss of 7.53 taka per share, in the year-earlier period.

As of Feb. 19, US$1 was equivalent to 78.54 taka.