Peninsula Chittagong profit doubles as hotel business recovers
Profit rose because of an increase in net operating income, and a decrease in tax
KEY FINANCIALS
- FY22 Q2 net profit: Tk3.91cr
- EPS: Tk0.33
- FY22 H1 net profit: Tk7.59cr
- FY21 profit: Tk4.87cr
- DSE share price on Sunday: Tk40 per share
As hotel businesses are recovering due to the easing down of Covid-19 restrictions, the Chattogram-based hotel — The Peninsula Chittagong Limited — has registered a staggering 120% increase in its October-December profit for fiscal 2021-22, compared to the same period of the previous fiscal.
The hotel's profit stood at Tk3.91 crore in the second quarter of the current fiscal, doubling from Tk1.78 crore a year ago. Its earnings per share (EPS) was Tk0.33, which was Tk0.15 in the second quarter of the previous fiscal.
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Also, its current fiscal's half-yearly profit surpassed its annual profit for the 2020-21 fiscal year.
In July-December 2021, the hotel's net profit increased 52% to Tk7.59 crore compared to the same six months of 2020. In the last fiscal year, its profit stood at Tk4.87 crore.
According to a disclosure by the company on the Dhaka Stock Exchange (DSE) website on Sunday, its profit rose because of an increase in net operating income, and a decrease in tax compared to the previous fiscal.
The Peninsula Chittagong was listed on the stock exchanges in 2014. Its revenue mainly comes from the hotel business, and a significant portion comes from the interest on bank fixed deposits.
The hotel business witnessed a blow during the first half of fiscal 2020-21 because of various restrictions and lockdowns imposed due to Covid-19.
But during the same time of the current fiscal, the pandemic situation eased down owing to a decline in coronavirus infections.
Thus, the economy reopened in full swing and businesses started to recover from the pandemic blues.
However, despite a big jump in the hotel's quarterly profit, its share price declined 6.54% to Tk40 each at the DSE on Sunday compared to the previous trading session.
Though it reported a significant increase in share price in January.
