Quasem Industries posts 20% decline in profit in Q3

Quasem Industries Ltd reported a 20 per cent year-on-year decline in profit to Tk 87.27 lakh in the third quarter of the current financial year owing to a rise in the cost of production and expenses.

The battery manufacturer made a Tk 1.09 crore profit in January-March of the previous financial year of 2021-22.

Its earnings per share rose to Tk 0.12 in the January-March quarter of 2022-23 against Tk 0.15 in the similar quarter a year earlier, according to the unaudited financial statements.

Quasem Industries suffered a loss of Tk 50.91 lakh in the July-March period of 2022-23. It made a profit of Tk 2.39 crore in the same nine-month period of 2021-2022.

The net operating cash flow per share (NOCFPS) declined to Tk 0.51 in July-March of FY23 against Tk 0.97 in FY22.

The EPS and the NOCFPS decreased due to an increase in the cost of production, operational and financial expenses, and higher payments to suppliers resulting from higher inflation, the Russia-Ukraine war and an unexpected price hike of the US dollar, said Quasem Industries in a filing on the Dhaka Stock Exchange.

The net asset value per share fell to Tk 27.38 on March 31 from Tk 27.64 on June 30.

Shares of Quasem Industries closed unchanged at Tk 58.40 on the DSE yesterday.