Bangas posts 61% drop in profit

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Bangas posts 61% drop in profit

 

Highlights

  • Bangas’ financials of FY2020-21
  • Net profit Tk18 lakh
  • Drop in profit 61%
  • Dividend recommended 4% cash
  • EPS Tk0.23
  • NAV Tk21.02
  • Last trading share price Tk120 

Biscuit maker Bangas Limited reported a 61% fall in profit year-on-year in the 2020-21 fiscal year.

For the year, the company, however, has declared a 4% cash dividend for its shareholders.

The company will have to pay Tk30.49 lakh in dividend for the year, but its net profit was Tk18 lakh only.

The company’s earnings per share (EPS) stood at Tk0.23 in FY21, down from Tk0.60 a year ago.

On 30 June 2021, its net asset value per share was Tk21.02.

From the July to March period of FY21, its revenue was Tk15.59 crore.

Md Shahjahan, company secretary of Bangas, said the company could not perform well in the last fiscal year due to the pandemic.

Besides, the cost of product distribution and raw material prices went up in the year, which also affected the company’s profit, he added.

Bangas Limited, which was listed on stock exchanges in 1984, produces sweet and salted biscuits under different brand names, as well as bread of Banga’s brand.

Now, the company sells Grand Choice, Evening Touch, Lovely, Wonder, Glucose, and Lexus biscuits in the local market.

The company produces five tonnes of biscuits and five tonnes of bread every day.

According to the Bangladesh Auto Biscuits and Bread Manufacturers’ Association, the current size of the country’s biscuit and confectionery market amounts to around Tk6,000 crore.

The paid-up capital of Bangas is Tk7.62 crore.

As of 30 September this year, the sponsors and directors jointly hold 30.99% shares, institutions hold 5.53% shares and the general public holds 63.48% shares of the company.

The last trading share price of the company on the Dhaka stock exchange was Tk120 on Monday.

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