BSRM Ltd suffers Tk 164.52 crore loss in July-September

Bangladesh Steel Re-Rolling Mills Limited suffered a loss of Tk 164.52 crore in the first quarter of the current financial year.

This compared to Tk 128.09 crore profit the largest steel manufacturer in the country made in the July-September quarter of 2021-22.

Thus, the consolidated earnings per share were Tk 5.51 in negative in July-September against Tk 4.29 in the same quarter a year earlier, according to the unaudited financial statements.

The consolidated net operating cash flow per share (NOCFPS) was Tk 4.27 in July-September this year against Tk 2.72 in July-September of 2021.

The consolidated net asset value (NAV) per share was Tk 128.65 on September 30 and Tk 134.29 on June 30.

"The EPS and the NAV per share decreased due to the increase of foreign currency conversion rate, shortage of power supply, and increase of production costs," said BSRM Ltd in a filing on the Dhaka Stock Exchange (DSE).

BSRM Steels Limited, a company of BSRM Ltd, also reported losses in July-September.

It posted a loss of Tk 34.96 crore in the first quarter of FY23, whereas it made a profit of Tk 108.65 crore in the three months to September in the previous financial year.

The EPS was a negative Tk 0.93 for July-September against a positive Tk 2.89 in July-September of 2021.

The company blamed the foreign currency transaction loss, the increase in local and imported raw materials prices and the unfavourable movement of foreign currencies for the losses.

The NOCFPS was Tk 2.93 in July-September of FY23 against Tk 4.29 in the first quarter of FY22.

"The NOCFPS decreased due to more cash payments to suppliers, employees and foreign currency transaction loss," said BSRM Steel.

The NAV per share was Tk 67.69 on September 30 and Tk 68.99 on June 30.