ACI’s earnings plunge 65% in Jul-Mar
ACI Limited, one of the leading conglomerates in Bangladesh, suffered a 65 per cent drop in earnings in the July-March period of the financial year of 2022-23.
With interests in pharmaceuticals, motors and agri-business to supermarket retailing and consumer goods, the company attributed the drop to spiralling costs for currency devaluation, hikes of energy prices and a rise in import prices.
ACI Ltd recorded an earning of Tk 25.9 crore in the nine months. In the same period a year ago, it was Tk 74.8 crore.
The company sold Tk 8,557 crore-worth products during the period, which was 23 per cent higher year-on-year. However, its cost of sales increased at a higher pace. Its cost to produce the goods sold soared 28 per cent.
The company said its cost of business rose owing to higher import costs for devaluation of the taka against the US dollar and increase in energy prices and financing costs.
The financing costs, such as interest and other charges on loans, jumped nearly 35 per cent year-on-year to Tk 372.3 crore.
The company said it had a negative earnings per share of Tk 1.45 during the period whereas it was Tk 5.45 over the same months of the previous year.
ACI Ltd's net operating cash flow per share also declined, which was attributed to investments made to facilitate business growth.
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