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Generation Next Q1 profit falls YOY

Generation Next Fashions Ltd. said its first-quarter normalized net income amounted to 10 poisha per share, a decline of 57.4% from 24 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 46.3 million taka, a decline of 57.4% from 108.8 million taka in the year-earlier period.

The normalized profit margin fell to 4.8% from 13.5% in the year-earlier period.

Total revenue grew 19.8% year over year to 961.7 million taka from 803.0 million taka, and total operating expenses rose 40.3% year over year to 878.4 million taka from 626.2 million taka.

Reported net income declined 60.9% from the prior-year period to 65.5 million taka, or 15 poisha per share, from 167.6 million taka, or 37 poisha per share.

As of May 20, US$1 was equivalent to 78.66 taka.