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Apex Foods fiscal Q2 profit falls YOY

Apex Foods Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 1.01 taka per share, a decline of 48.8% from 1.97 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 5.8 million taka, a decline of 48.8% from 11.3 million taka in the year-earlier period.

The normalized profit margin declined to 0.7% from 1.0% in the year-earlier period.

Total revenue declined 25.0% year over year to 885.6 million taka from 1.18 billion taka, and total operating expenses declined 25.4% year over year to 852.3 million taka from 1.14 billion taka.

Reported net income fell 12.7% on an annual basis to 3.9 million taka, or 69 poisha per share, from 4.5 million taka, or 79 poisha per share.

As of Jan. 30, US$1 was equivalent to 77.44 taka.