Miracle Industries incurs Tk4.86cr in half-year

Bearing the brunt of reduced business and mounting losses, Miracle Industries, a listed company in the miscellaneous sector, has failed to make a turnaround in profitability despite enhanced operations in the first half of the current fiscal year.

The company remained in the red during the July-December period, posting a loss of Tk4.86 crore, according to a disclosure published on the stock exchanges' website yesterday. It said a further fall in selling prices, coupled with higher interest expenses, kept the company in a loss-making position.

According to the revised disclosure, Miracle Industries posted a loss per share of Tk1.38 for the July-December period, widening from Tk0.99 in the same period of the previous fiscal year. Its net operating cash flow per share stood at negative Tk0.13, an improvement from negative Tk1.49 in the July to December period of 2024.

However, in its initially published disclosure, the company reported a loss per share of Tk0.61 for the first half, compared with a loss per share of Tk0.14 in the same period of the previous fiscal year.

In September last year, Miracle Industries secured a business deal with Bangladesh Chemical Industries Corporation (BCIC), under which the state-run corporation will purchase 50% of its total requirement of woven polypropylene (WPP) and polyethylene (PE) bags from the company.

At the time, the company expected its revenue to double from these orders and positively impact its net profit. BCIC remains the company's main buyer.

Founded in 1995 as a joint venture between state-owned BCIC and four entrepreneurs, Miracle Industries manufactures bags used for cement, fertiliser, salt, feed, sugar, food grains and chemicals.

The company operates two manufacturing units in Sreepur and Gazipur – one catering to the local market and the other producing for export.