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Paramount Textile fiscal Q1 profit falls YOY

Paramount Textile Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 23 poisha per share, a decrease of 14.6% from 27 poisha per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.1 million taka, a decline of 14.7% from 34.1 million taka in the prior-year period.

The normalized profit margin dropped to 4.4% from 4.9% in the year-earlier period.

Total revenue decreased 6.5% year over year to 657.2 million taka from 702.7 million taka, and total operating expenses declined year over year to 584.2 million taka from 609.9 million taka.

Reported net income declined 14.0% year over year to 40.3 million taka, or 31 poisha per share, from 46.9 million taka, or 37 poisha per share.

As of Nov. 13, US$1 was equivalent to 78.09 taka.