Bata returns to profit in Bangladesh

Bata Shoe Company (Bangladesh), one of the widely known footwear brands in the country, returned to profit in April-June period of the current year after incurring a massive loss in the same quarter last year.

The shoemaker logged profits of Tk 1.56 crore in the second quarter of this year while it incurred a loss of Tk 73.51 crore in the same period a year ago.

In this year's April-June quarter, the company's revenue increased 426 per cent year-on-year to Tk 217 crore thanks to a rise in sales and clearance of aged merchandise by offering a bulk amount of discount to the customers.

With the quarterly profit disclosure, price of each stock of Bata rose 4.61 per cent to Tk 747 today.

It, however, incurred a loss of Tk 3.33 crore in the first half of 2021 despite logging profits in the second quarter.

The loss was even bigger in first half of 2020, when the company was hit with a loss of Tk 70.6 crore, despite making a profit of Tk 2.83 crore in the first three months of that year.