Singer Bangladesh posts loss in 3rd quarter
The company made a loss of Tk18.55 crore, compared to a profit of Tk8.77 crore in the same period of the previous year
Singer Bangladesh has reported a significant loss in the July-September period (third quarter), in contrast to the same period in 2023 despite revenue growth of 7%.
In a statement issued today (22 October), the company attributed its loss mainly to a combination of factors include a foreign exchange crisis that increased import costs and a rise in expenses from offering larger discounts and conducting more extensive promotional activities to boost sales.
These combined pressures led to a drop in profitability for the company during this period.
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In the third quarter, the company made a loss of Tk18.55 crore, compared to a profit of Tk8.77 crore in the same period of the previous year.
Its revenue stood at Tk361 crore, which is higher than Tk336 crore compared to one year ago.
Its loss per share stood at Tk1.86 crore, which was earnings of Tk0.88 a year ago.
In the first nine months of the current year, the company's net profit stood at Tk5.05 crore, up from Tk67.08 crore a year ago, the statement reads.
Besides, Singer's earnings per share in the period stood at Tk0.51, which was Tk6.73 in the same period of the previous year.
On Tuesday, its share price closed at Tk134.60 on the Dhaka Stock Exchange.
