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Desh Garments fiscal Q3 profit climbs YOY

Desh Garments Ltd. said its normalized net income for the fiscal third quarter ended March 31 was 47 poisha per share, a gain from 7 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 2.8 million taka, an increase from 441,250 taka in the prior-year period.

The normalized profit margin increased to 4.2% from 0.6% in the year-earlier period.

Total revenue declined on an annual basis to 67.6 million taka from 70.4 million taka, and total operating expenses declined 9.5% from the prior-year period to 63.1 million taka from 69.7 million taka.

Reported net income rose year over year to 3.4 million taka, or 56 poisha per share, from 635,000 taka, or 11 poisha per share.

As of May 4, US$1 was equivalent to 78.37 taka.