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Bangladesh Autocars swings to loss in fiscal Q2

Bangladesh Autocars Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 9 poisha per share, compared with 3 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 423,130 taka, compared with income of 130,270 taka in the prior-year period.

The normalized profit margin dropped to negative 1.9% from 0.7% in the year-earlier period.

Total revenue grew 20.4% year over year to 23.4 million taka from 19.4 million taka, and total operating expenses grew 29.5% from the prior-year period to 23.4 million taka from 18.1 million taka.

Reported net income came to a loss of 542,460 taka, or a loss of 12 poisha per share, compared to income of 81,520 taka, or 2 poisha per share, in the prior-year period.

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