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Jute Spinners fiscal Q3 loss narrows YOY

Jute Spinners Ltd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 2.90 taka per share, compared with a loss of 6.27 taka per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.9 million taka, compared with a loss of 10.7 million taka in the prior-year period.

The normalized profit margin rose to negative 3.7% from negative 10.5% in the year-earlier period.

Total revenue increased 31.8% year over year to 134.4 million taka from 102.0 million taka, and total operating expenses climbed 19.9% from the prior-year period to 133.3 million taka from 111.1 million taka.

Reported net income totaled a loss of 9.5 million taka, or a loss of 5.59 taka per share, compared to a loss of 18.5 million taka, or a loss of 10.86 taka per share, in the year-earlier period.

As of June 5, US$1 was equivalent to 77.83 taka.