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Singer Bangladesh Q4 profit falls YOY

Singer Bangladesh said its normalized net income for the fourth quarter was 55 poisha per share, a decrease of 10.6% from 62 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 42.2 million taka, a decrease of 10.5% from 47.1 million taka in the prior-year period.

The normalized profit margin climbed to 4.3% from 3.0% in the year-earlier period.

Total revenue decreased 37.1% year over year to 975.0 million taka from 1.55 billion taka, and total operating expenses fell 36.6% on an annual basis to 913.8 million taka from 1.44 billion taka.

Reported net income decreased year over year to 43.3 million taka, or 56 poisha per share, from 45.3 million taka, or 59 poisha per share.

For the year, the company's normalized net income totaled 4.22 taka per share, a gain from 4.12 taka per share in the prior year.

Normalized net income was 323.8 million taka, an increase from 316.2 million taka in the prior year.

Full-year total revenue declined from the prior-year period to 6.91 billion taka from 7.26 billion taka, and total operating expenses declined 5.5% year over year to 6.32 billion taka from 6.69 billion taka.

The company said reported net income increased year over year to 368.6 million taka, or 4.81 taka per share, in the full year, from 362.3 million taka, or 4.72 taka per share.

As of April 13, US$1 was equivalent to 78.34 taka.