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Aftab Automobiles fiscal Q2 profit falls YOY

Aftab Automobiles Ltd. said its normalized net income for the fiscal second quarter ended Feb. 28 amounted to 50 poisha per share, a decrease of 29.2% from 70 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 47.2 million taka, a decrease of 28.5% from 66.0 million taka in the year-earlier period.

The normalized profit margin climbed to 10.6% from 7.1% in the year-earlier period.

Total revenue decreased 27.1% on an annual basis to 682.2 million taka from 935.4 million taka, and total operating expenses decreased 29.1% on an annual basis to 569.1 million taka from 802.4 million taka.

Reported net income declined 34.0% from the prior-year period to 49.3 million taka, or 52 poisha per share, from 74.7 million taka, or 80 poisha per share.

As of March 27, US$1 was equivalent to 77.88 taka.