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Sonargaon Textiles Q2 loss widens YOY

Sonargaon Textiles Ltd. said its second-quarter normalized net income was a loss of 34 poisha per share, compared with a loss of 14 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 a loss of 9.0 million taka, compared with a loss of 3.6 million taka in the year-earlier period.

The normalized profit margin fell to negative 4.7% from negative 1.7% in the year-earlier period.

Total revenue decreased 9.6% year over year to 190.8 million taka from 211.1 million taka, and total operating expenses decreased 10.5% from the prior-year period to 179.6 million taka from 200.6 million taka.

Reported net income totaled a loss of 14.9 million taka, or a loss of 56 poisha per share, compared to a loss of 6.8 million taka, or a loss of 26 poisha per share, in the prior-year period.

As of Aug. 5, US$1 was equivalent to 77.75 taka.