Western Marine incurs losses for second straight year

Western Marine Shipyard Limited posted losses in the financial year that ended on June 30.

The ship manufacturer incurred a loss of Tk 1.18 crore in 2021-22 against Tk 94.08 lakh a year earlier.

The company reported negative earnings per share of Tk 0.05 for the last financial year compared to Tk 0.04 in negative in 2020-21.

So, the board of directors did not recommend any dividends for 2021-22.

The net asset value per share of Western Marine slipped to Tk 21.08 in 2021-22 from Tk 23.40 in 2020-21, while the net operating cash flow per share rose to Tk 0.44 from Tk 0.34 during the period.

Established in Chattogram in 2000, the shipyard is located over 42 acres of land and employs 3,500 people, including more than 500 marine and technical experts.

It has so far exported vessels to countries such as Germany, Norway, Ecuador, New Zealand, and Kenya.

Shares of Western Marine Shipyard were unchanged at Tk 11 on the Dhaka Stock Exchange today.