Bangladesh Submarine Cables PLC's profit declined in the first quarter of the current financial year as revenue fell while costs went up. 

Profit of the company slumped 20 percent year-on-year in the July-September quarter to Tk 48.06 crore. 
  
Diluted earnings per share (EPS) dropped to Tk 2.57 from Tk 3.22 in the same quarter last year, according to a disclosure on the website of Dhaka Stock Exchange. 

The company said its EPS was impacted by reduced revenue from IPLC Rent and IP Transit services, coupled with increased operational and maintenance costs.

An IPLC offers organisations continuous bandwidth that is both private and secure, providing end-to-end connectivity, and IP transit is where an internet service provider allows traffic to cross its network to reach a destination. 

The issuance of 22.1 million new shares to the government of Bangladesh in September also contributed to diluted EPS, said Bangladesh Submarine Cables. 

Its net operating cash flow per share (NOCFPS) saw a significant drop, hitting Tk 1.91 compared to Tk 5.23 in the previous year, which the company cited mainly due to lower customer collections and the recent share issuance.

Shares of BSCCL fell by 2.41 percent to Tk 117.2 as of 2:25 pm today.