Two Beximco firms' profits drop in March quarter

Two companies of Beximco Group suffered declines in profits in the January-March quarter owing to high production costs brought on by the volatile global economy.

Bangladesh Export Import Company Limited's net profit dropped over 72% to Tk109 crore year-on-year in the third quarter of the current fiscal year.

Its revenue also dropped 8% to Tk1,827 crore from a year ago and 13% from the previous quarter.

In an unaudited financial statement, the company attributed the declines in profit and revenue to a hike in the prices of raw materials, gas, and electricity, the depreciation of the taka, frequent fluctuations in dollar rates, and an increase in freight charges.

In the January-March quarter, its earnings per share stood at Tk1.22, which was Tk4.41 a year ago.

At the end of the first three-quarters of the current fiscal year, the conglomerate's net profit was Tk767 crore, 34% lower than the same period in the previous fiscal year.

However, its revenue increased by 3% to Tk5,836 crore.

In the July-March period, its earnings per share stood at Tk8.57, down from Tk12.89 in the same period of the previous year.

At present, its shares are stuck at the floor price of Tk115.60 each on the Dhaka Stock Exchange.

Beximco Pharmaceuticals

One of the leading drugmakers in the country posted a 15% decline in profit in the third quarter of the current fiscal year.

In the January-March quarter, it posted a revenue of Tk955.42 crore, which was Tk895.96 crore a year ago. Its net profit stood at Tk90.77 crore, down from Tk106.93 crore, and EPS came down to Tk2.13 from Tk2.47.

In the first nine months of this fiscal year, its net profit after tax stood at Tk356.58 crore, which was Tk421 crore a year ago.

On Thursday, its shares ended at Tk146.20 each on the Dhaka Stock Exchange.