GPH Ispat profit drops 18% to Tk 149.39 crore

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GPH Ispat Ltd’s profit fell more than 18% year-on-year to Tk 149.39 crore in the year ended June 30.

The steel maker made a profit of Tk 182.59 crore in 2020-21.

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Thus, the company reported earnings per share of Tk 3.42 for 2021-2022, which was Tk 4.18 in 2020-21.

EPS declined due to a significant increase in foreign exchange loss in foreign currency transactions, GPH Ispat said in a filing to the Dhaka Stock Exchange (DSE) today.

“On the other hand, the price of all imported raw materials, international shipments and transportation costs have increased due to sluggish economic conditions after the effect of Covid-19 and the Russian-Ukrainian war.”

Net asset value per share fell from Tk 29.86 in 2020-21 to Tk 28.79 in 2021-22, while net operating cash flow per share widened to negative Tk 7.15 from 4.05 Negative Tk during the period.

Net operating cash flow per share decreased due to an increase in cash payments to suppliers, operating expenses, administrative expenses and sales and distribution expenses for higher prices in international markets and local, indicates the folder.

The Board of Directors has recommended a cash dividend of 5.50% and a stock dividend of 5.50% for the last financial year.

The free shares were recommended with a view to using the withheld amount as capital for the expansion of the company’s manufacturing facility, the filing added.

Shares of GPH Ispat closed unchanged at 47.30 Tk on the DSE today.

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