Beximco’s profit dropped by 72pc in Jan-Mar quarter

Business Desk :
Beximco’s net profit dropped by over 72% in the January-March quarter of the fiscal year 2023, reaching Tk109 crore.
This was down from Tk395 crore a year ago in the same period.
The revenue of the Bangladesh Export Import Company Limited (Beximco) also fell by 8% to Tk1,827 crore in the corresponding period compared to the previous year.
The company said in its unaudited financial statement that profit decreased due to a hike in the price of materials, gas, electricity, devaluation of the Taka, frequent fluctuation of dollar rates and increase in freight charges.
At the end of the first three quarters of FY2023, Beximco’s net profit was Tk767 crore, 34% lower than registered in the same period in the previous year.
However, its revenue increased by 3% to Tk5,836 crore in the first nine months of this fiscal year.
At present, its share price is stuck on the floor price at Tk115.60 each at the Dhaka Stock Exchange.