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Tung Hai Knitting Q1 profit climbs 64.1% YOY

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Tung Hai Knitting Q1 profit climbs 64.1% YOY

Tung Hai Knitting & Dyeing Ltd. said its first-quarter normalized net income amounted to 14 poisha per share, compared with 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 15.6 million taka, an increase of 64.1% from 9.5 million taka in the year-earlier period.

The normalized profit margin increased to 6.5% from 4.0% in the year-earlier period.

Total revenue totaled 238.5 million taka, compared with 236.6 million taka in the prior-year period, and total operating expenses totaled 196.2 million taka, compared with 194.9 million taka in the prior-year period.

Reported net income grew 72.0% year over year to 22.4 million taka, or 21 poisha per share, from 13.0 million taka, or 20 poisha per share.

As of April 15, US$1 was equivalent to 77.75 taka.