JMI Syringes & Medical Devices Ltd incurred a loss of Tk 14.99 crore in the financial year that ended on June 30 owing to a higher cost of production.

The medical device manufacturer made a profit of Tk 10.07 crore in 2021-22. 

Therefore, the company reported a negative earnings per share of Tk 4.99 for FY23, way lower than a positive Tk 3.35 in FY22. 

The EPS decreased due to an appreciation of the US dollar against the taka, the war between Ukraine and Russia, the increase in raw materials, packaging materials, utility prices and other related overheads as well as the adjustment of some advance income tax, said JMI Syringes in a filing on the Dhaka Stock Exchange. 

The net asset value per share slipped to Tk 86.37 in the last financial year from Tk 91.36 a year earlier because of losses from operations as well as adjustment of advance income tax. 

The net operating cash flow per share jumped to Tk 2.19 from Tk 1.36 on the back of a fall in accounts receivables and higher collection from sales proceeds.

The board of JMI Syringes recommended a 10 percent cash dividend for FY23.

Shares of the company closed unchanged at Tk 255.50 on the DSE today.