GPH Ispat makes Tk 64 crore profit in Q3
GPH Ispat Ltd registered a profit of Tk 64.31 crore between July and March of the current financial year on the back of the relative stability in the exchange rate as it helped reduce expenses for raw materials imports.
The steel manufacturer suffered losses of Tk 31.50 crore during the same period last fiscal year. Thus, earnings per share stood at Tk 1.01 in January-March against Tk 1.11 during the corresponding period.
The EPS reached Tk 1.33 in the first three quarters of 2023-24, up from a negative Tk 0.65 in the July-March of 2022-23.
Md Mosharof Hossain, company secretary of GPH Ispat, said the relative stability in the exchange rate reduced the financing cost to Tk 363 crore during the nine months against Tk 412 crore a year earlier.
The freight cost has gone down and the price of raw materials has fallen, he said.
"This helped us book the profit although the revenue almost remained the same."
The taka lost its value by about 20 percent between February 2022 and June 2023 as global commodity prices climbed owing to the outbreak of the Russia-Ukraine war. The exchange rate has hovered around Tk 110 in the current financial year.
GPH Ispat earned Tk 4,413 crore in July-March of FY24 against Tk 4,410 crore in the identical period a year prior.
The net asset value per share slipped to Tk 51.90 on March 31 this year from Tk 53.08 on June 30 last year.
GPH Ispat shares closed 9.77 percent higher at Tk 28.10 on the Dhaka Stock Exchange yesterday.
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