IFAD Autos profits nosedive

IFAD Autos Ltd yesterday said its net profit dipped 75 per cent year-on-year in the second quarter of financial year 2022-23.

The truck assembler and other vehicle sellers logged Tk 0.13 earnings per share in three months to the end of December 2022 from Tk 0.53 earnings a share the same period a year ago, IFAD said in a disclosure at the Dhaka Stock Exchange (DSE).

Including the second quarter earnings, IFAD Autos overall income became negative in the first six months of its financial year.

The vehicle seller's losses per share stood at Tk 0.65 per share in the July-December period from a net profit of Tk 0.93 a share the same period a year ago.

IFAD Autos share remained unchanged at Tk 44 since the opening of today's trade.

The net operating cash flow per share of the company became negative too in the first half of the year.