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Prime Textile Spinning Mills fiscal Q1 profit falls YOY

Prime Textile Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 20 poisha per share, a decrease from 21 poisha per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.8 million taka, a decline from 7.9 million taka in the year-earlier period.

The normalized profit margin fell to 1.6% from 1.6% in the year-earlier period.

Total revenue grew year over year to 491.5 million taka from 484.3 million taka, and total operating expenses climbed on an annual basis to 441.0 million taka from 435.5 million taka.

Reported net income decreased on an annual basis to 10.0 million taka, or 26 poisha per share, from 10.4 million taka, or 27 poisha per share.

As of Nov. 14, US$1 was equivalent to 77.31 taka.