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Gemini Sea Food swings to profit in fiscal Q2

Gemini Sea Food Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to 1.50 taka per share, compared with a loss of 1.24 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 5.6 million taka, compared with a loss of 4.6 million taka in the prior-year period.

The normalized profit margin climbed to 2.1% from negative 3.2% in the year-earlier period.

Total revenue climbed 82.0% on an annual basis to 265.3 million taka from 145.8 million taka, and total operating expenses grew 73.0% on an annual basis to 250.8 million taka from 145.0 million taka.

Reported net income came to 7.0 million taka, or 1.89 taka per share, compared to a loss of 8.3 million taka, or a loss of 2.24 taka per share, in the year-earlier period.

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