Weak taka slashes BBS Cables' FY23 profit by 88% | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Monday
June 02, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
MONDAY, JUNE 02, 2025
Weak taka slashes BBS Cables' FY23 profit by 88%

Stocks

TBS Report
27 September, 2023, 10:00 pm
Last modified: 27 September, 2023, 10:04 pm

Related News

  • Southeast Bank’s profit drops 80% in 2024
  • New notes featuring historic, archaeological structures of Bangladesh to be circulated from 1 June
  • NRBC Bank's profit drops 96% in 2024
  • Govt set to release Tk1,000, Tk50, Tk20 notes with new designs before Eid
  • UCB shares plunge 6.19% after third failed attempt to declare dividend

Weak taka slashes BBS Cables' FY23 profit by 88%

Its net profit after tax stood at Tk9.74 crore at the end of FY23, from Tk80.77 crore previous year. 

TBS Report
27 September, 2023, 10:00 pm
Last modified: 27 September, 2023, 10:04 pm
Weak taka slashes BBS Cables' FY23 profit by 88%

Publicly listed cable manufacturer BBS Cables Ltd saw a whopping 88% year-on-year decline in its profits for the fiscal 2022-23, despite posting a slightly higher revenue. 

The company attributes the profit plunge to the devaluation of the taka against foreign currencies, which significantly increased the company's cost of goods sold. 

In FY23, BBS Cables earned a revenue of Tk655 crore, which was Tk628 crore in the previous fiscal. 

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Its net profit after tax stood at Tk9.74 crore at the end of FY23, from Tk80.77 crore previous year. 

Seeking anonymity, an official at BBS Cables said although the price of raw materials increased meagrely, the exchange rate has been very high over the last fiscal. 

Also, the bank limited the opening of letters of credit (LCs) during the fiscal, he added. 

"Although its cost of goods sold increased, the company could not raise the price of its products much because of high competition in the market."

During FY23, there was also a slowdown in government buy orders that make a big portion of revenue, the official added. 

BBS Cables recommended a 2% cash dividend for FY23. To approve the dividend and audited financial report, the company has set its annual general meeting (AGM) on 23 November. To identify the shareholders entitled for the dividend, the record date has been set on 22 October. 

The company's restated earnings per share stood at Tk0.46, and restated net asset value per share at Tk32.99 at the end of FY23.

BBS Cables was incorporated in 2009, went into commercial operations in 2011, and enlisted on the bourses in 2017. The company raised Tk20 crore through an initial public offering to expand its business. 

The last trading of the company's shares at the Dhaka Stock Exchange was Tk49.90 apiece on Wednesday.

As of 31 August 2023, sponsors and directors jointly held 30.98%, institutions 21.22%, foreign investors 0.46%, and general investors 47.34% shares of the company. 

Top News

Taka / BBS Cables / profit

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Bangladesh can be a first choice for our investment: Chinese business leaders 
    Bangladesh can be a first choice for our investment: Chinese business leaders 
  • Atik Morshed. Photo: Collected
    ACC finds irregularities in Nagad; Atik Morshed, his wife may be questioned
  • Representational image. Photo: Reuters
    Remittance hits second-highest monthly record of $2.97b in May ahead of Eid

MOST VIEWED

  • Govt slashes June prices for diesel, petrol, octane
    Govt slashes June prices for diesel, petrol, octane
  • Photo: Courtesy
    IFIC Bank incurs Tk500cr loss in Jan-Mar
  • Infographic: TBS
    Govt targets Dec opening of Dhaka airport's 3rd terminal but Japanese consortium wants 2 more months
  • Mahmud Hasan Khan Babu. Photo: Collected
    Mahmud-led Forum panel wins BGMEA election
  • Indian Chief of Defence Staff General Anil Chauhan shares insights on how Operation Sindoor represents future wars at Shangri-la Dialogue in Singapore on Saturday, 31 May 2025. Photo: ANI via Hindustan Times
    India confirms losing fighter jets in recent conflict with Pakistan: Bloomberg
  • Illustration: TBS
    Tax-free income ceiling to be raised, slabs restructured

Related News

  • Southeast Bank’s profit drops 80% in 2024
  • New notes featuring historic, archaeological structures of Bangladesh to be circulated from 1 June
  • NRBC Bank's profit drops 96% in 2024
  • Govt set to release Tk1,000, Tk50, Tk20 notes with new designs before Eid
  • UCB shares plunge 6.19% after third failed attempt to declare dividend

Features

Photo: Collected

Slice, store, sizzle: Kitchen must-haves for Eid-ul-Adha 2025

11h | Brands
The wide fenders, iconic hood scoop and unmistakable spoiler are not just cosmetic; they symbolise a machine built to grip dirt, asphalt and hearts alike. PHOTO: Akif Hamid

Resurrecting the Hawkeye: A Subaru WRX STI rebuild

17h | Wheels
Babar Ali, Ikramul Hasan Shakil, and Wasfia Nazreen are leading a bold resurgence in Bangladeshi mountaineering, scaling eight-thousanders like Everest, Annapurna I, and K2. Photos: Collected

Back to 8000 metres: How Bangladesh’s mountaineers emerged from a decade-long pause

2d | Panorama
Photos: Courtesy

Behind the looks: Bangladeshi designers shaping celebrity fashion

2d | Mode

More Videos from TBS

Can India replace China in world trade?

Can India replace China in world trade?

3h | Others
Chief Advisor–Party Meet: Consensus or Confrontation?

Chief Advisor–Party Meet: Consensus or Confrontation?

5h | Podcast
What did the BIDA Executive Chairman say about the China-Bangladesh Investment and Trade Summit?

What did the BIDA Executive Chairman say about the China-Bangladesh Investment and Trade Summit?

5h | TBS Today
News of The Day, 01 JUNE 2025

News of The Day, 01 JUNE 2025

6h | TBS News of the day
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net