Premier Cement posts Tk 112 crore loss in FY22

Premier Cement Mills PLC suffered a loss of Tk 112.83 crore in the financial year that ended on June 30, 2022.

This reversed from the Tk 65.17 crore profit the cement manufacturer made in the previous financial year of 2020-21.

Thus, the company reported consolidated negative earnings per share of Tk 10.70 for the last financial year. The EPS was a positive Tk 6.18 in FY21.

The consolidated net asset value per share fell to Tk 67.13 from Tk 79.83 while the consolidated net operating cash flow per share slipped to Tk 5.26 from Tk 6.31 in FY21.

The board of directors of Premier Cement Mills has recommended a 10 per cent cash dividend for the year that ended on June 30.

The cement company also published its financial reports for the first half of the current financial year.

It showed that Premier Cement made a profit of Tk 73.81 lakh in the second quarter of 2022-23, down from Tk 1.16 crore it made in the identical October-December period a year earlier.

Thus, the consolidated EPS fell to Tk 0.07 in October-December of FY23 from Tk 0.11 in the same period of FY22.

The EPS decreased due to an increase in raw material prices, resulting in increased cost of production, said the cement producer in a filing on the Dhaka Stock Exchange.

But it suffered a Tk 25.84 crore loss in the first half of FY23, owing to a loss it incurred in the first quarter.