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Singer Bangladesh Q2 profit climbs YOY

Singer Bangladesh said its normalized net income for the second quarter came to 2.31 taka per share, an increase from 92 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 176.8 million taka, a gain from 70.7 million taka in the year-earlier period.

The normalized profit margin rose to 6.5% from 3.7% in the year-earlier period.

Total revenue grew 42.3% year over year to 2.71 billion taka from 1.90 billion taka, and total operating expenses rose 35.7% year over year to 2.39 billion taka from 1.76 billion taka.

Reported net income increased from the prior-year period to 203.0 million taka, or 2.65 taka per share, from 80.1 million taka, or 1.04 taka per share.

As of July 28, US$1 was equivalent to 78.47 taka.