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Apex Tannery fiscal Q4 profit falls YOY

Apex Tannery Ltd. said its normalized net income for the fiscal fourth quarter ended June 30 was 3.30 taka per share, a decrease from 3.44 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 50.3 million taka, a decline from 52.5 million taka in the year-earlier period.

The normalized profit margin increased to 8.3% from 5.0% in the year-earlier period.

Total revenue fell 42.7% year over year to 602.7 million taka from 1.05 billion taka, and total operating expenses declined 46.4% from the prior-year period to 524.6 million taka from 978.0 million taka.

Reported net income declined 5.0% on an annual basis to 66.8 million taka, or 4.38 taka per share, from 70.3 million taka, or 4.60 taka per share.

For the year, the company's normalized net income totaled 4.51 taka per share, a fall of 6.6% from 4.83 taka per share in the prior year.

Normalized net income was 68.8 million taka, a decrease of 6.6% from 73.7 million taka in the prior year.

Full-year total revenue decreased 42.8% on an annual basis to 2.16 billion taka from 3.77 billion taka, and total operating expenses decreased 44.1% year over year to 2.06 billion taka from 3.68 billion taka.

The company said reported net income decreased on an annual basis to 91.0 million taka, or 5.97 taka per share, in the full year, from 95.3 million taka, or 6.25 taka per share.

As of Sept. 8, US$1 was equivalent to 78.43 taka.