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Samata Leather Complex swings to loss in fiscal Q3

Samata Leather Complex Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 61,880 taka, compared with income of 641,880 taka in the year-earlier period.

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

The normalized profit margin fell to negative 0.6% from 3.5% in the year-earlier period.

Total revenue fell 47.8% on an annual basis to 9.7 million taka from 18.5 million taka, and total operating expenses declined 44.2% year over year to 9.8 million taka from 17.5 million taka.

Reported net income came to a loss of 128,000 taka, or a loss of 1 poisha per share, compared to income of 924,000 taka, or 9 poisha per share, in the year-earlier period.

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