Monno Ceramic’s FY24 profit plummets 86%

Monno Ceramic Industries Ltd's profit plunged by a huge margin in 2023-24 fiscal year, due to declining revenues and rising costs. 

The company's profit nosedived by 86 percent year-on-year to Tk 1.47 crore for the fiscal year ending on June 30, 2024.

Shares of Monno fell 5.22 percent to Tk 65.4 as of 12:46 pm today compared to the previous day. 
 
Its earnings per share (EPS) slipped sharply to Tk 0.39 from Tk 2.91 a year earlier, according to a Dhaka Stock Exchange disclosure.

The ceramics manufacturer attributed the plunge in EPS to falling revenues and a rise in financing costs. 

The massive profit fall led the board to recommend a modest 1 percent cash dividend, down from 10 percent last year. 

However, net operating cash flow per share (NOCFPS) showed a slight improvement, moving to Tk 0.17 in the negative, up from Tk 2.96 in the negative in the previous year. 

The company attributed an increase from other incomes behind the cash inflow increase. 

Additionally, Monno reported a reduced net asset value per share, driven by a decline in total assets.