BBS Cables' Q2 profit plunges as order drops amid high production costs
BBS Cables, the second-largest cable manufacturer in the country, witnessed a decline in profit during the second quarter (October to December 2022) of the current fiscal year due to an increase in the production cost of goods and dollar appreciation against Taka.
In s disclosure, the company noted that profit has decreased due to the increased cost of goods sold and the devaluation of the Taka against foreign currencies, especially US Dollars, Moreover, Government tender or projects have also decreased.
From October to December 2022, the revenue of the company stood at Tk163.89 crore, which was Tk155.43 crore in the same period of the previous year.
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During the period, BBS Cables' net profit dropped by 91.75% to Tk1.99 crore from Tk24.11 crore compared to the previous year.
Its earnings per share were Tk0.09 and its net asset value per share was Tk32.76.
