Standard Ceramic suffers losses in July-September quarter

Business Report :
Standard Ceramic Industries Ltd suffered a loss of Tk 1.94 crore in the first quarter of the current financial year owing to higher cost of imported raw materials and the US dollar.
The ceramic manufacturer incurred a loss of Tk 1.51 crore in the July-September quarter of the previous financial year.
Thus, the company reported earnings per share of Tk 3 in negative in the first quarter compared to Tk 2.33 in negative in the July-September of 2021-22, according to the unaudited financial statement.
The basic EPS turned negative as the overall economic condition was dull for Covid-19 and the Russia-Ukraine war, the higher cost of imported raw materials driven by a spike in freight charges, and the dollar rate fluctuation, said Standard Ceramic in a filing on the Dhaka Stock Exchange on Thursday.
The factors adversely reduced sales and gross profit, it said.
The net operating cash flow per share was also a negative of Tk 2.22 in July-September of 2022-23 against Tk 0.50 in positive in the identical quarter of 2021-22.
The NOCFPS decreased as the collection against sales declined whereas the payments to suppliers rose to some extent, said the posting.