MJL posts higher profit in Q1

MJL Bangladesh Limited posted a 12.83 per cent increase in profit to Tk 66.83 crore in the first quarter of the ongoing financial year of 2022-23. 

It made a profit of Tk 59.23 crore during the same quarter last financial year.

Thus, the consolidated earnings per share were Tk 2.11 in July-September against Tk 1.87 during the same quarter in the last financial year, according to the unaudited financial statements.

"The EPS increased due to an increase in sales price, gross profit and reduction in the corporate tax," said MJL Bangladesh in a filing on the Dhaka Stock Exchange.

The consolidated net operating cash flow per share, however, was a negative of Tk 0.55 in the first quarter, driven by the increase in payments to suppliers, finance charges and investment in working capital.

It was Tk 0.96 in the same quarter a year earlier.

The consolidated net asset value per share was Tk 42.68 on September 30 and Tk 40.57 on June 30.

MJL Bangladesh is a joint venture between EC Securities Ltd, a subsidiary of East Coast Group, and Jamuna Oil.

In 2003, the company commissioned a lube oil blending plant, the first of its kind in Bangladesh.

Shares of the company closed 1.91 per cent lower at Tk 87.40 on the DSE yesterday.