Square Pharma logs higher earnings

Square Pharmaceuticals posted higher earnings in the July-September quarter as the number of people seeking healthcare has gone up following a dip in turnout in the previous quarters amid the pandemic.

The country's biggest pharmaceutical manufacturer in terms of market capitalisation said its earnings per share rose by 17 per cent year-on-year to Tk 4.66 in the July-September, according to a posting on the Dhaka Stock Exchange (DSE) website.

The April-June period of the last fiscal year was not good for pharmaceutical companies and many witnessed low profits.

During that quarter, the general holiday declared by the government in a bid to curb the spread of Covid-19 was in effect.

Over the two-month lockdown that began on March 26, people were reluctant to visit hospitals and doctors' chambers, resulting in lower sales for the country's drug makers, a top official of Square Pharmaceuticals said.

People are now returning to the hospitals and doctor's chambers for issues other than COVID-19. So, drug sales rose in the July-September quarter, he added.

Stocks of Square Pharmaceuticals rose 0.74 per cent to Tk 203 yesterday compared to the previous day. Summit Power also gained 1 per cent in share price, which stood at Tk 40.

The private power producer yesterday reported its first quarter earnings. Its EPS declined 7 per cent to Tk 1.29 from Tk 1.40 year-on-year.

In the first quarter, Pran's EPS dropped 7.58 per cent to Tk 1.95.

"The fall in the earnings is mainly due to the pandemic," said Abdur Rahman, company secretary of AMCL (Pran).

"Almost all businesses were impacted over the last few months and we were no exception. Still, the normal business situation has not returned," he said.

Agricultural Marketing Company (AMCL-Pran) dropped 0.91 per cent to Tk 185 on the DSE yesterday.