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Apex Foods swings to loss in fiscal Q1

Apex Foods Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 47 poisha per share, compared with 2.35 taka 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 2.7 million taka, compared with income of 13.4 million taka in the prior-year period.

The normalized profit margin fell to negative 0.6% from 1.2% in the year-earlier period.

Total revenue declined 59.8% year over year to 444.8 million taka from 1.11 billion taka, and total operating expenses fell 59.6% from the prior-year period to 435.9 million taka from 1.08 billion taka.

Reported net income came to a loss of 10.8 million taka, or a loss of 1.90 taka per share, compared to income of 5.2 million taka, or 91 poisha per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 77.75 taka.