Confidence Cement’s profit down 20% in Q1

Confidence Cement Ltd reported a Tk 22.51 crore profit in the October-December quarter of the current financial year.

The profit was, however, down nearly 20 per cent from the Tk 28.09 crore the cement manufacturer made in the first quarter of the previous financial year of 2021-22.

Thus, the consolidated earnings per share (EPS) were Tk 2.74 in October-December of 2022-23 against Tk 3.42 in the same quarter a year earlier, according to the unaudited financial statements.

The EPS decreased due to a higher raw material price in the international market and the foreign currency fluctuation loss at home, said Confidence Cement in a filing on the Dhaka Stock Exchange.

The profit fell to Tk 36.39 crore in the July-December half of FY23, which was Tk 47.15 crore in the identical period of FY22, a year-on-year decrease of 22.83 per cent.

The consolidated net operating cash flow per share of Confidence Cement was a negative Tk 4.98 in the first half of FY23 against a negative Tk 5.25 in the same half of FY22.

"The net operating cash flow per share increased due to a rise in the selling price and lower payments to suppliers," said the filing. 

The consolidated net asset value per share fell to Tk 76.22 on December 31 from Tk 72.24 on June 30, driven by a hike in profit portion from associate companies.

Shares of Confidence Cement closed unchanged at Tk 89.00 on the DSE yesterday.