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Zaheen Spinning Q1 profit climbs 28.3% YOY

Zaheen Spinning Ltd. said its normalized net income for the first quarter came to 22 poisha per share, a gain from 21 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 21.2 million taka, an increase of 28.3% from 16.5 million taka in the prior-year period.

The normalized profit margin rose to 8.0% from 7.3% in the year-earlier period.

Total revenue rose 17.2% on an annual basis to 265.3 million taka from 226.4 million taka, and total operating expenses increased 14.1% year over year to 232.3 million taka from 203.7 million taka.

Reported net income grew 31.6% from the prior-year period to 28.4 million taka, or 29 poisha per share, from 21.5 million taka, or 27 poisha per share.

As of April 30, US$1 was equivalent to 77.92 taka.