AFC Agro Biotech’s profit drops 80%

AFC Agro Biotech Ltd posted an 80 per cent year-on-year decrease in profit to Tk 11.52 lakh in the third quarter of the ongoing financial year.

The company, which is engaged in the manufacturing of agro-based pharmaceutical fermentation products, clocked a profit of Tk 57.61 lakh in the same quarter of 2021-22.

So, the earnings per share fell to Tk 0.01 in January-March of 2022-23 against Tk 0.05 in the same quarter of the previous financial year, according to the un-audited financial statements.

"The EPS decreased due to a fall in profit," said the company in a filing on the Dhaka Stock Exchange today.

AFC Agro Biotech's profit fell to Tk 1.96 crore in July-March of FY23, down more than 56 per cent year-on-year from Tk 4.49 crore in the same period in FY22. As a result, the EPS declined to Tk 0.17 from Tk 0.39.

Shares of the company traded at Tk 23.50 on the DSE today, unchanged from a session earlier.