Crown Cements' Q1 profit down 89pc due to political turmoil

Crown Cements' profit plunged 89 per cent year-on-year in the first quarter through September for shrinking revenue amid political turmoil and higher finance cost.

Its July-September profit fell to Tk 37 million from Tk 345 million in the same quarter a year ago.

Earnings per share (EPS) fell to Tk 0.25 for July-September this year from Tk 2.32 for the same quarter a year ago.

According to a stock exchange filing on Monday, revenue fell sharply due to recent nationwide political turmoil and unprecedented floods.

On the other hand, expenses escalated due to higher depreciation and finance costs of the newly-installed production unit and the high tax rate arising out of the regulation relating to minimum tax, said the company.

Meanwhile, the stock went up 0.75 per cent to Tk 53.70 per share on Monday on the Dhaka Stock Exchange.

Annual financial performance

Crown Cements' annual profit was Tk 610.45 million in FY23. The year before, it made a loss of Tk 229.27 million.

The company recommended a 20 per cent cash dividend for FY23, up from 10 per cent the year before.

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