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Meghna Condensed Milk Industries profit holds mostly steady YOY in fiscal Q2

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Meghna Condensed Milk Industries profit holds mostly steady YOY in fiscal Q2

Meghna Condensed Milk Industries Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 70 poisha per share, compared with a loss of 70 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 11.2 million taka, compared with a loss of 11.2 million taka in the year-earlier period.

The normalized profit margin dropped to negative 22.4% from negative 18.5% in the year-earlier period.

Total revenue declined 17.4% year over year to 50.2 million taka from 60.7 million taka, and total operating expenses fell 15.4% from the prior-year period to 51.7 million taka from 61.1 million taka.

Reported net income came to a loss of 18.1 million taka, or a loss of 1.13 taka per share, compared to a loss of 18.3 million taka, or a loss of 1.14 taka per share, in the year-earlier period.

As of Jan. 23, US$1 was equivalent to 78.26 taka.