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Meghna Condensed Milk Industries fiscal Q3 loss narrows YOY

Meghna Condensed Milk Industries Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 72 poisha per share, compared with a loss of 83 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 a loss of 11.5 million taka, compared with a loss of 13.3 million taka in the year-earlier period.

The normalized profit margin declined to negative 19.2% from negative 19.0% in the year-earlier period.

Total revenue decreased 13.8% year over year to 60.1 million taka from 69.7 million taka, and total operating expenses fell 12.7% year over year to 61.2 million taka from 70.1 million taka.

Reported net income came to a loss of 18.6 million taka, or a loss of 1.17 taka per share, compared to a loss of 21.6 million taka, or a loss of 1.35 taka per share, in the year-earlier period.

As of May 7, US$1 was equivalent to 77.89 taka.