Beximco Ltd logged a 33 per cent year-on-year decline in profit in the July-March period of the ongoing financial year owing to the sharp depreciation of the local currency and higher energy and freight costs. 

The profit of the conglomerate stood at Tk 767 crore in the first nine months of 2022-23, which was Tk 1,154 crore in the same period in 2021-22.

Its sales, however, rose 3 per cent year-on-year to Tk 5,836 crore, according to the company's financial reports.

Beximco's earnings per share fell to Tk 8.57 in July-March of FY23 from Tk 12.89 a year earlier. The EPS stood at Tk 1.22 in the third quarter of FY23, again down from Tk 4.41 registered in the identical period of FY22.

The EPS decreased as the cost of materials increased due to the depreciation of the local currency against the US dollar and the increase in gas and electricity tariffs and freight charges, said the company.

For example, the taka lost its value by 14.50 per cent against the American greenback in July-March of FY23.

Shares of Beximco were unchanged at Tk 115.6 on the Dhaka Stock Exchange today.