Aman Feed's profit plunge due to high prices of raw materials
Aman Feed Limited, a concern of the Aman Group, has reported an 80% fall in profit in the first half of the current 2022-23 fiscal year owing to high raw materials costs.
According to its financials published on the stock exchanges on Sunday, from July-December, 2022, the earnings per share (EPS) declined to Tk0.36. The figure was Tk1.85 at the same time in the previous year.
According to Aman Feed sources, profit has dropped due to the increase in the cost of goods sold and financial expenses. The cost of goods sold has increased by 51%, bringing down net profit.
Keep updated, follow The Business Standard's Google news channel
Considerable increase in the prices of raw materials is the underlying reason for such a drop, the sources, while seeking anonymity, added.
In the second quarter, the company also reported a 74% decline in profit over the same period of the previous year. From October-December, the EPS declined to Tk0.23, which was Tk0.91 in 2021.
Its profit declined by 67% in FY22 when compared to figures reported during the previous fiscal. Aman Feed's EPS declined to Tk0.84, from Tk2.53 in FY21,
Aman Feed sources said, in FY22 the cost of goods sold increased by 48.54% while financial expenses by 35.61% in FY21.
