IFAD Autos suffers massive fall in profit
Its earnings per share dropped to Tk 0.02 in Q2 of FY24, from Tk 0.13 in Q2 of FY23
The earnings of IFAD Autos Ltd, the importer of India's Ashok Leyland vehicles to Bangladesh, experienced a sharp 84 percent year-on-year decline to Tk 0.02 per share in the October-December of the 2023-24 financial year.
The company's earnings per share in the same three-month period previous year was Tk 0.13.
IFAD Autos said its sales dropped 26.65 percent year-on-year to Tk 321 crore in the last six months of 2023 because of a fall in demand for commercial vehicles.
However, the company made a profit of Tk 74 lakh in the July-December period of 2023-24, up from Tk 20 crore loss in the same period previous year.
The automobile company, however, returned to profit in the first half of the financial year thanks to 'less devaluation of transactional exchange loss', IFAD Autos said in a disclosure.