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Bangas fiscal Q1 profit climbs 55.0% YOY

Bangas Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 1.02 taka per share, a gain of 55.3% from 66 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 6.5 million taka, a gain of 55.0% from 4.2 million taka in the prior-year period.

The normalized profit margin rose to 16.2% from 13.4% in the year-earlier period.

Total revenue increased 27.8% on an annual basis to 39.8 million taka from 31.2 million taka, and total operating expenses grew 19.9% on an annual basis to 29.0 million taka from 24.2 million taka.

Reported net income rose 55.0% from the prior-year period to 7.5 million taka, or 1.19 taka per share, from 4.8 million taka, or 77 poisha per share.

As of Oct. 29, US$1 was equivalent to 77.43 taka.