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Apex Foods swings to loss in fiscal Q3

Apex Foods Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 28 poisha per share, compared with 1.47 taka per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.6 million taka, compared with income of 8.4 million taka in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 1.3% in the year-earlier period.

Total revenue fell 21.5% year over year to 492.6 million taka from 627.2 million taka, and total operating expenses declined 20.9% on an annual basis to 472.9 million taka from 597.8 million taka.

Reported net income totaled a loss of 7.6 million taka, or a loss of 1.33 taka per share, compared to income of 2.8 million taka, or 48 poisha per share, in the prior-year period.

As of April 30, US$1 was equivalent to 77.92 taka.