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Hamid Fabrics fiscal Q3 profit falls YOY

Hamid Fabrics Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 17 poisha per share, a decrease of 36.0% from 26 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 15.2 million taka, a decline of 10.4% from 16.9 million taka in the prior-year period.

The normalized profit margin increased to 3.8% from 3.6% in the year-earlier period.

Total revenue decreased 14.9% on an annual basis to 402.5 million taka from 473.2 million taka, and total operating expenses declined 13.8% on an annual basis to 355.9 million taka from 413.0 million taka.

Reported net income fell 13.8% on an annual basis to 24.4 million taka, or 27 poisha per share, from 28.3 million taka, or 43 poisha per share.

As of April 27, US$1 was equivalent to 77.86 taka.