Lovello profit soars defying pandemic shock

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Lovello profit soars defying pandemic shock
Lovello profit soars defying pandemic shock

Lovello profit soars defying pandemic shock

Despite the lower sales due to the pandemic as its profit rose, its board of directors has recommended 11% cash dividends for the shareholders

Beating the pandemic shock, ice cream maker Taufika Foods and Lovello Ice-cream PLC has registered a 53% jump in net profit for the 2020-21 fiscal.

Despite the lower sales due to the pandemic as its profit rose, its board of directors has recommended 11% cash dividends for the shareholders.

On Monday, the company published the financial statement as price-sensitive information (PSI).

The net profit for FY21 stood at Tk11.98 crore while the earnings per share (EPS) stood at Tk1.41 for FY21, which was Tk6.20 crore and EPS Tk1.31 respectively in the previous fiscal year.

Earlier, up to the first nine months of that fiscal, its revenue had declined but profit slightly rose for cost optimisation over the same time of the previous year.

Taufika Foods and Lovello Ice-cream is the newly listed company on the stock exchanges, which got listed in 2021.

After the listing, it has published its first financials.

Up to June 2021, its net asset value per share stood at Tk12.57, which was Tk12.75 in the previous year.

The company said its annual general meeting will be held on 28 December and the record date has been fixed for 17 November.

In the first nine months of Fy21, the net sales were Tk53.88 crore and net profit of Tk4.66 crore.

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