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Far East Knitting fiscal Q3 profit climbs 12.8% YOY

Far East Knitting & Dyeing Industries Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 53 poisha per share, an increase of 11.9% from 48 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 99.7 million taka, a gain of 12.8% from 88.3 million taka in the year-earlier period.

The normalized profit margin climbed to 12.1% from 9.9% in the year-earlier period.

Total revenue fell 7.4% on an annual basis to 826.8 million taka from 893.2 million taka, and total operating expenses declined 11.5% on an annual basis to 661.1 million taka from 747.2 million taka.

Reported net income declined 14.0% on an annual basis to 119.6 million taka, or 64 poisha per share, from 139.1 million taka, or 75 poisha per share.

As of April 27, US$1 was equivalent to 78.41 taka.