Bangladesh Shipping Corporation posted a 15.61 per cent year-on-year decline in profit to Tk 637.60 million in Q3 of FY26 as interest income fell following the use of savings from fixed deposits to acquire new ships.
Earnings per share slid to Tk 4.08 in the January-March quarter from Tk 4.95 in the same quarter a year earlier.
"We held substantial funds in fixed deposits, which were divested to finance the purchase of new ships. As the vessels have only recently entered operation, returns have yet to materialise, resulting in a temporary decline in revenue," Managing Director Mahmudul Malek told The Financial Express.
The Shipping Corporation has added two bulk carriers-Banglar Progoti and Banglar Nobojatra-to its fleet from US-based Hellenic Dry Bulk Ventures LLC. The vessels, built at a Chinese shipyard, were acquired at a combined cost of $76.7 million (Tk 935 crore). Each vessel has a capacity of 55,000-66,000 DWT.
Mr Malek said revenue is expected to improve significantly after two to three quarters.
In the quarter to March, revenue fell by Tk 120 million year-on-year.
According to an earnings disclosure, the Shipping Corporation's revenue for the third quarter of FY26 decreased compared to the corresponding period last year due to a decline in FDR interest income.
Last year, the company earned Tk 352 million in FDR interest income. This year's interest income is yet to be disclosed.
The Shipping Corporation is a state-owned national flag carrier established after independence and is responsible for international shipping, maritime trade, and the transport of goods and crude oil. Headquartered in Chattogram, it operates a fleet of vessels-including tankers and bulk carriers-under the Ministry of Shipping.
Its net asset value per share (NAV) in March increased due to a rise in retained earnings, while net operating cash flow per share (NOCFPS) decreased due to interest payments and increased payments to suppliers during the period.
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