Singer Bangladesh’s earnings down in April-June quarter

Singer Bangladesh, one of the leading home appliance retailers and manufacturers in the country, posted a 51.55 per cent lower profit in the second quarter of 2022.

The earnings per share (EPS) were Tk 1.40 in the April-June quarter as against Tk 2.89 in the same period last year, said the company in a filing on the Dhaka Stock Exchange today.

The EPS was Tk 2.31 in the January-June period against Tk 4.69 in the identical period of 2021, down 50.74 per cent year-on-year. 

Singer blamed the fallout of the Covid-19 pandemic, the rise in commodity prices, the devaluation of the taka against the US dollar and the recent floods for the fall in the EPS.

The net operating cash flows, a measure of a firm's financial strength, was Tk 36.07 in the negative in the first half of 2022 compared to Tk 36.92 in the negative during the same period of 2021.

Singer's net asset value, which represents the net value of an entity, was Tk 30.38 per share on June 30 this year and Tk 34.06 on December 31 last year.