Generation Next Fashions Ltd. said its normalized net income for the first quarter came to 24 poisha per share, a decline of 10.1% from 27 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 108.8 million taka, a gain of 37.5% from 79.1 million taka in the prior-year period.

The normalized profit margin increased to 13.5% from 12.0% in the year-earlier period.

Total revenue grew 22.1% year over year to 803.0 million taka from 657.5 million taka, and total operating expenses increased 27.3% from the prior-year period to 626.2 million taka from 492.1 million taka.

Reported net income grew 38.9% from the prior-year period to 167.6 million taka, or 37 poisha per share, from 120.6 million taka, or 41 poisha per share.

As of May 29, US$1 was equivalent to 77.84 taka.