Two Monno entities see profit drop

Two out of three listed companies of Monno Group reported lower earnings in the first half of the financial year owing to increased expenses.

Monno Fabrics said its earnings grew 150 per cent year-on-year in the July-December period. Earnings per share rose to Tk 0.05 from Tk 0.02 recorded in the previous year.

Monno Ceramic, one of the oldest concerns of the group, recorded an 11 per cent decline in net profit, while Monno Agro & General Machinery's earnings dropped 20 per cent, according to the postings by the concerns on the website of the Dhaka Stock Exchange yesterday.

Benoy Paul, company secretary of Monno Agro, said its revenue grew to Tk 5.57 crore in the first half of the financial year from Tk 4.83 crore in the same period a year ago.

"But our operating expenses increased because of higher inventory," he said. Monno Agro sells agricultural machinery and spare parts of jute mills.

Monno Ceramic said despite a 16 per cent rise in the October-December period, net profit declined in the six-month period, falling 11 per cent.

The EPS declined to Tk 0.64 in July-December from Tk 0.72 recorded in the same period a year ago.

The ceramics maker blamed increased operating expenses and finance costs for the EPS drop.

Monno Agro closed 2.99 per cent lower at Tk 564.20, Monno Ceramic was down 0.53 per cent at Tk 112.70, and Monno Fabrics fell 2.08 per cent to end the day at Tk 23.50 on the DSE yesterday.