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Argon Denims Q1 profit falls YOY

Argon Denims Ltd. said its first-quarter normalized net income was 36 poisha per share, a decline of 36.8% from 56 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 43.0 million taka, a decline of 36.3% from 67.4 million taka in the prior-year period.

The normalized profit margin dropped to 7.6% from 9.6% in the year-earlier period.

Total revenue declined 18.8% year over year to 568.1 million taka from 699.9 million taka, and total operating expenses declined 17.5% on an annual basis to 454.5 million taka from 550.7 million taka.

Reported net income fell 39.1% from the prior-year period to 53.2 million taka, or 44 poisha per share, from 87.4 million taka, or 73 poisha per share.

As of May 14, US$1 was equivalent to 77.90 taka.