Nahee Aluminum’s profit plunges in Q3
Nahee Aluminum Composite Panel Ltd posted a nearly 88 per cent year-on-year decline in profit to Tk 1.09 crore in the third quarter of the current financial year.
This compared to the Tk 8.82 crore profit the company made in the identical quarter of 2021-22.
Its earnings per share were Tk 0.16 in January-March of 2022-23 against Tk 1.29 in the same quarter a year earlier, according to the unaudited financial statements.
In a filing on the Dhaka Stock Exchange, Nahee Aluminum said the global economic crisis following the Covid-19 pandemic, and the energy and foreign currency crises impacted the overall financial performance as they increased product costs while reducing demand.
"Thus, EPS during the period decreased significantly compared to the previous period."
The sharp decline in profit in the third quarter has impacted its overall earnings in the first nine months of FY23 when it stood at Tk 3.21 crore, down 80.50 per cent from Tk 16.47 crore during the same period a year earlier. Thus, the EPS dropped to Tk 0.47 from Tk 2.41.
Shares of Nahee Aluminum were unchanged at Tk 65.30 on the DSE on Tuesday.
Comments