Lovello Ice-cream's profit falls 13.25%

Taufika Foods and Lovello Ice-cream PLC reported a 13.25 percent year-on-year decrease in profit to Tk 10.54 crore in the last financial year owing to a hike in the production cost.

The ice-cream manufacturer clocked Tk 12.16 crore in profit in 2021-22.

Thus, the company reported earnings per share of Tk 1.24 for the year that ended on June 30, which was Tk 1.43 in the previous financial year.

The EPS decreased due to a spike in the production cost stemming from a hike in raw material prices, a significant volatility in the foreign currency market, and limitation in opening letters of credit aimed at importing raw materials, said Taufika Foods in a filing on the Dhaka Stock Exchange (DSE).

The net asset value per share rose to Tk 12.94 in FY23 from Tk 12.90 in FY22 while the net operating cash flow per share improved to Tk 2.11 from Tk 2.10.

Its board recommended a 10 percent cash dividend for FY23, down from 12 percent in FY22 and 11 percent in FY21.

The board also decided to extend the time from February 2024 to January 2025 for the utilisation of the rest of the initial public offering amount, the filing added. It has raised Tk 30 crore through the IPO.

Shares of Taufika Foods closed unchanged at Tk 37.90 on the DSE today.