Sea Pearl’s profit surges nearly 800% in January-March
Sea Pearl Beach Resort & Spa Limited recorded a 793 per cent year-on-year spike in profit to Tk 37.79 crore in the third quarter of the current financial year.
The hotel operator made a Tk 4.23 crore profit in the identical January-March quarter a year earlier.
The earnings per share were Tk 3.13 in January-March of 2022-23 against Tk 0.35 in the same quarter of 2021-22, according to the unaudited financial statements.
"The EPS rose due to an increase in the net profit resulting from an improvement in the coronavirus situation," said the company in a filing on the Dhaka Stock Exchange today.
Owing to the receding of the pandemic, the company was able to generate good revenue thanks to the utilisation of rooms, the full-fledged operation of the water park and the cruise ship, and the opening of a non-AC restaurant, it said.
The sharp jump in the profit in the third quarter sent its overall profit to Tk 80.06 crore in the July-March period of FY23, an increase of 520 per cent from Tk 12.92 crore last financial year.
Thus, the EPS rose to Tk 6.63 from Tk 1.07 a year ago.
Sea Pearl's net operating cash flow per share improved to Tk 10.22 in the nine-month period of FY23 against Tk 4.57 a year ago, on the back of an increase in revenues.
The NAV per share rose to Tk 17.28 on March 31 this year from Tk 11.77 on June 30 last year, driven by a spike in net profit.
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