Business Report :
Standard Ceramic Industries Ltd’s loss increased by 60 percent year-on-year in January-March of 2024 as higher production costs and the taka’s rapid deprecation weighed on its bottom line.
The ceramic maker reported a loss of Tk 2.1 crore in the first quarter, up from Tk 1.31 crore.
Thus, the loss per share was Tk 3.26 against Tk 2.03, according to a filing on the Dhaka Stock Exchange.
Standard Ceramic said that an overall dull economic condition due to the combined effect of the Covid-19 pandemic and the Russia-Ukraine war and the high cost of imported raw materials amid rising sea transport costs hit the company’s profitability.
“The dollar rate fluctuation and around 155 percent increase in gas price adversely reduced sales and gross profits. In addition, the temporary closure of our factory reduced production and sales of our products,” it said in its unaudited financial statements.
The ceramics manufacturer’s net operating cash flow per share (NOCFPS) doubled to Tk 12.71 in negative in July-March of 2023-24 period from Tk 6.36 in negative in the corresponding period last year.
The NOCFPS decreased as collections against sales declined, it said.
Standard Ceramic’s factory, located in Joydebpur of Gazipur, began its operation in 1993. It can produce 47,000 assorted pieces, or 13.1 tonnes of tableware, per day.