GPH Ispat posts losses in October-December quarter

The steel manufacturer incurred a loss of Tk 5.53 crore in the October-December quarter of 2022-23 whereas it raked in Tk 49.77 crore in the same three-month period in 2021-22.

Thus, GPH Ispat reported earnings per share (EPS) of Tk 0.12 negative for the second quarter of FY23 against Tk 1.08 in the same quarter of FY22, according to the unaudited financial statements.

GPH Ispat also incurred Tk 84.79 crore loss in the first half of the financial year, way down from a profit of Tk 94.93 crore in the July-December of FY22.

The EPS was Tk 1.84 in negative in the first half of FY23. It was Tk 2.06 in the same half of FY22.

The net asset value per share fell to Tk 24.95 on December 31, 2022, from Tk 28.79 on June 30, 2022.

The EPS and the NAVPS decreased due to a significant increase in the foreign currency conversion rate as well as the shortage of power supply. The power shortage disrupted production and adversely affected the cost of production, said GPH Ispat in a filing on the Dhaka Stock Exchange today.

The taka lost its value by about 14.5 per cent in the July-December half of FY23 because of US dollar shortages.

The net cash flow per share was Tk 2.21 negative for July-December of FY23 against Tk 0.82 in the first half of FY22.

"The payments to suppliers and others were more than the collection against sales proceeds. As a result, the NOCFPS was negative in this period," said the filing.