Yeakin Polymer suffers losses in July-September quarter

Yeakin Polymer Limited reported a doubling of losses in the first quarter of the current financial year.

The manufacturer of PP woven bags, garments accessories and household plastic products suffered a loss of Tk 2.06 crore in July-September of 2022. It was Tk 1.03 crore during the same quarter last year.

Thus, the earnings per share stood at Tk 0.28 negative for July-September doubling from Tk 0.14 negative posted in the same quarter a year earlier, according to the unaudited financial statements of the company. 

The net operating cash flow per share (NOCFPS) slipped to a negative Tk 0.01 in the first quarter of 2022-23 from a positive Tk 0.05 in the three months to September in 2021.

Owing to the dragging impacts of the coronavirus pandemic, the war in Ukraine and the shortage of working capital, Yeakin Polymer's production and sales dropped.

"The raw material cost increased but the operational and financial costs continued. So, the EPS dropped down and the NOCFPS stood negative," it said in a filing on the Dhaka Stock Exchange today.

The net asset value per share was Tk 5.88 on September 30 and Tk 6.16 on June 30.

Yeakin Polymer incurred a loss of Tk 5.23 crore in the financial year that ended on June 30.