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Matin Spinning Mills fiscal Q1 profit climbs 67.0% YOY

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Matin Spinning Mills fiscal Q1 profit climbs 67.0% YOY

Matin Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 90 poisha per share, a gain of 8.6% from 83 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 87.6 million taka, a gain of 67.0% from 52.5 million taka in the prior-year period.

The normalized profit margin climbed to 16.0% from 9.6% in the year-earlier period.

Total revenue totaled 546.0 million taka, compared with 545.4 million taka in the prior-year period, and total operating expenses fell on an annual basis to 460.1 million taka from 467.1 million taka.

Reported net income grew 61.0% year over year to 107.1 million taka, or 1.10 taka per share, from 66.5 million taka, or 1.05 taka per share.

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