Bangas Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 64 poisha per share, a decline of 37.0% from 1.02 taka per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.1 million taka, a decline of 37.2% from 6.5 million taka in the year-earlier period.

The normalized profit margin fell to 11.6% from 16.2% in the year-earlier period.

Total revenue decreased 12.1% year over year to 35.0 million taka from 39.8 million taka, and total operating expenses decreased year over year to 27.9 million taka from 29.0 million taka.

Reported net income decreased 35.0% year over year to 4.9 million taka, or 77 poisha per share, from 7.5 million taka, or 1.19 taka per share.

As of Nov. 27, US$1 was equivalent to 77.36 taka.