Shipping Corp profit up 23% in third quarter

Bangladesh Shipping Corporation (BSC) made a Tk 62.23 crore profit in the third quarter of the current financial year, an increase of more than 23 per cent year-on-year.

The state-run enterprise clocked a profit of Tk 50.49 crore in the same January-March quarter of 2021-22.

Thus, the earnings per share rose to Tk 4.08 in the third quarter of 2022-2023 from Tk 3.31 in the same quarter of 2021-2022. Similarly, BSC posted a 7.75 per cent higher profit at Tk 190.52 crore in July-March of FY23, which was Tk 176.79 crore during the identical nine-month period of FY22. So, the EPS rose to Tk 12.49 from Tk 11.59.

Shares of the company were down 0.07 per cent to Tk 134 on the Dhaka Stock Exchange yesterday.

Md Lal Hossain, company secretary, said the ship operation of BSC has improved and it maintains its schedule properly and makes delivery on time.

He said the corporation has met some criteria and complex regulations related to international compliance, which would help revenue grow. BSC has seven ships. Of them, five are ocean-going and the rest two are lighter vessels.

The corporation has undertaken a number of projects to modernise its ships and expand its existing fleet in order to tap the prospect of blue economy and future demand.

BSC's plan includes the acquisition of a number of vessels and replacing the existing ones with a view to increasing its capacity to carry export and import goods.

The Executive Committee of the National Economic Council endorsed a project for the procurement of two mother tankers and two mother bulk carriers.