BBS Cables’ profit nosedives 88%
BBS Cables Limited suffered an 88 percent year-on-year decline in profit in the financial year that ended on June 30.
As a result, the company's profit fell to Tk 9.74 crore in 2022-23 from Tk 80.66 crore in 2021-22.
It reported earnings per share of Tk 0.46 for the last financial year against Tk 3.81 a year earlier.
The EPS decreased due to an increase in the cost of goods sold caused by the depreciation of the taka against foreign currencies, said BBS Cables in a filing on the Dhaka Stock Exchange.
The net asset value per share slipped to Tk 32.99 from Tk 33.29 owing to an increase in the paid-up capital following the declaration of stock dividends.
The net operating cash flow per share rose to Tk 2.49 from Tk 1.58 for the significant increase in cash collection from customers, the filing said.
The board recommended a 2 percent cash dividend for FY23.
Shares of BBS Cables closed unchanged at Tk 49.90 on the DSE today.