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Singer Bangladesh swings to loss in Q1

Singer Bangladesh said its first-quarter normalized net income came to a loss of 486,130 taka, compared with income of 42.4 million taka in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.0% from 3.8% in the year-earlier period.

Total revenue declined year over year to 1.10 billion taka from 1.11 billion taka, and total operating expenses grew on an annual basis to 1.08 billion taka from 1.06 billion taka.

Reported net income came to a loss of 6.2 million taka, or a loss of 8 poisha per share, compared to income of 45.3 million taka, or 59 poisha per share, in the prior-year period.

As of April 29, US$1 was equivalent to 77.94 taka.