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Dulamia Cotton Spinning Mills fiscal Q1 loss narrows YOY

Dulamia Cotton Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 49 poisha per share, compared with a loss of 59 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 a loss of 3.7 million taka, compared with a loss of 4.4 million taka in the year-earlier period.

The normalized profit margin fell to negative 8.7% from negative 7.9% in the year-earlier period.

Total revenue fell 23.9% year over year to 42.6 million taka from 55.9 million taka, and total operating expenses decreased 24.1% on an annual basis to 47.0 million taka from 62.0 million taka.

Reported net income totaled a loss of 6.0 million taka, or a loss of 80 poisha per share, compared to a loss of 7.2 million taka, or a loss of 96 poisha per share, in the year-earlier period.

As of Oct. 15, US$1 was equivalent to 77.81 taka.