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Jute Spinners fiscal Q1 loss narrows YOY

Jute Spinners Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 6.30 taka per share, compared with a loss of 6.38 taka per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.7 million taka, compared with a loss of 10.9 million taka in the prior-year period.

The normalized profit margin declined to negative 8.6% from negative 7.2% in the year-earlier period.

Total revenue declined 17.1% year over year to 125.2 million taka from 150.9 million taka, and total operating expenses declined 16.0% year over year to 134.5 million taka from 160.2 million taka.

Reported net income totaled a loss of 18.1 million taka, or a loss of 10.63 taka per share, compared to a loss of 19.3 million taka, or a loss of 11.32 taka per share, in the year-earlier period.

As of Oct. 15, US$1 was equivalent to 77.38 taka.