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Maksons Spinning Mills fiscal Q4 profit falls YOY

Maksons Spinning Mills Ltd. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to 4 poisha per share, a decline of 56.1% from 9 poisha per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.0 million taka, a decline of 55.3% from 20.1 million taka in the year-earlier period.

The normalized profit margin dropped to 2.6% from 4.0% in the year-earlier period.

Total revenue decreased 31.6% on an annual basis to 340.1 million taka from 497.2 million taka, and total operating expenses decreased 40.5% on an annual basis to 244.0 million taka from 410.1 million taka.

Reported net income declined 25.0% year over year to 10.9 million taka, or 5 poisha per share, from 14.5 million taka, or 6 poisha per share.

For the year, the company's normalized net income totaled 23 poisha per share, a decrease of 58.6% from 56 poisha per share in the prior year.

Normalized net income was 55.7 million taka, a decline of 58.6% from 134.6 million taka in the prior year.

Full-year total revenue declined 13.3% from the prior-year period to 1.64 billion taka from 1.89 billion taka, and total operating expenses fell 12.4% year over year to 1.32 billion taka from 1.50 billion taka.

The company said reported net income fell 60.4% on an annual basis to 62.6 million taka, or 26 poisha per share, in the full year, from 158.0 million taka, or 66 poisha per share.

As of Feb. 19, US$1 was equivalent to 78.54 taka.