Business Report :
GPH Ispat, one of the country’s leading steelmakers, returned to profit in the first quarter of the current financial year.
Its Quarterly profit stood at Tk 6.59 crore, marking a turnaround from a loss of Tk 16.46 crore in the same period last year.
As a result, earnings per share (EPS) rose to Tk 0.14 from a loss per share of Tk 0.34 the previous year’s same quarter, according to the company’s unaudited financial statements. The steelmaker attributed the improvement in EPS to an 82.57 percent reduction in exchange loss on foreign currency transactions.
GPH Ispat’s revenue increased by 5 percent year-on-year to Tk 1,135.70 crore.
However, the company’s cash flow deteriorated, with a net operating cash flow per share of Tk 1.82 in the negative.
The company said its cash flow decreased due to higher payments to suppliers and other expenses outpacing sales collections. Shares of GPH Ispat declined 0.83 percent to Tk 24 as of midday trading on Tuesday.
