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Olympic Industries fiscal Q2 profit climbs 61.1% YOY

Olympic Industries Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 1.77 taka per share, an increase of 61.1% from 1.10 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 354.0 million taka, a gain of 61.1% from 219.7 million taka in the year-earlier period.

The normalized profit margin climbed to 12.0% from 10.2% in the year-earlier period.

Total revenue grew 36.6% on an annual basis to 2.94 billion taka from 2.15 billion taka, and total operating expenses increased 30.7% from the prior-year period to 2.42 billion taka from 1.85 billion taka.

Reported net income rose 65.9% on an annual basis to 414.8 million taka, or 2.07 taka per share, from 250.0 million taka, or 1.25 taka per share.

As of Jan. 29, US$1 was equivalent to 78.42 taka.