ACI, one of the country's leading business conglomerates, saw lower profits year-on-year during the July-December period of fiscal year 2022-23 despite securing higher sales. 

The profit plunged 70 per cent to Tk 17.93 crore whereas the sales grew by 24.5 per cent to Tk 5,706 crore.

Meanwhile, ACI's earnings per share (EPS) stood at Tk 1.79 in the negative in the period. It was Tk 5.25 in the same period of the previous year.

Though the company's profit remains in the positive, its EPS was downed because some subsidiaries which logged better profits are co-owned by foreign shareholders, explained Pradip Kar Chowdhury, chief financial officer of ACI.

The foreigners were provided their part of the profit and the remaining was used to calculate the EPS, for which it was in the negative, he added.

About the drop in profit, the company's financial report said there was an adverse effect of an increase in cost due to the local currency's devaluation, hike in energy prices, high import prices, and increase in financing costs

Meanwhile, ACI Formulations, a listed subsidiary of ACI, saw higher sales and profits.

Its main activities are manufacturing and marketing a number of agrochemicals and consumer and paint products.

Sales of ACI Formulations rose 18 per cent year-on-year to Tk 272 crore in the first half of the financial year of 2022-23.

Its profits grew 9.49 per cent to Tk 19.14 crore.