BSRM sees fall in sales & profit in Q1
The sale of steel rods fell as demand dropped in the first three months of the current fiscal year, especially in the private sector
Two companies, Bangladesh Steel Re-Rolling Mills Ltd (BSRM) and BSRM Steels Ltd, have seen their sales drop in the first quarter of the current fiscal year.
BSRM Chairman Alihussain Akberali told The Business Standard that their sales fell as the demand for steel rods declined, especially in the private sector.
BSRM Limited
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BSRM Ltd's sales declined 37 percent in the first quarter of the current fiscal year. The company's profit dropped 21 percent in the same period. BSRM Ltd sold rods worth around Tk1,274 crore in the first three months of the 2019-20 fiscal year.
The year-on-year sale was Tk2,006 crore.
BSRM Ltd posted a net profit of Tk34 crore in the first quarter while the Earnings Per Share (EPS) was Tk1.02. The year-on-year net profit was Tk43 crore and EPS was Tk1.57.
The company's net profit declined by 33 percent in the 2018-19 fiscal year while its EPS stood at Tk7.88. The EPS was Tk11.77 in the 2017-18 fiscal year.
BSRM Ltd gave a 25 percent cash dividend to its shareholders in the 2018-19 fiscal year. The annual general meeting of the company is slated for December 19.
BSRM's share price dropped 6.78 percent at the Dhaka Stock Exchange on Wednesday. The closing price of the share at the premium bourse was Tk56.60 on Wednesday.
The closing price of BSRM share on Tuesday was Tk60.50. BSRM share jumped to the highest Tk87 in the last one year.
BSRM Steel
BSRM Steel's sales fell 43 percent in the first quarter of the 2019-20 fiscal year, and its profits dropped 41 percent in the same period.
The company's sale in the first quarter was Tk831 crore, down from Tk1,413 crore in the first three months of the 2018-19 fiscal year.
BSRM Steel posted a net profit of Tk14 crore in the first quarter of the current fiscal year while the Earnings Per Share stood at Tk0.38. The year-on-year net profit was Tk46 crore and EPS was Tk1.22.
BSRM Steel's net profit edged down 4 percent in the 2018-19 fiscal year while the EPS stood at Tk4.60. The EPS was Tk4.79 in the 2017-18 fiscal year.
The company gave 25 percent cash dividend to its shareholders in the 2018-19 fiscal year while its annual general meeting is slated for December 19.
BSRM Steel share price went down 3.66 percent on Wednesday at the Dhaka Stock Exchange. The closing share price of the company was Tk47.20 at the premium bourse on Wednesday.
BSRM Steel's Tuesday closing share price was Tk49.20 while the highest share price of the company was Tk66.10 in the last one year.
