Titas Gas profits drop 4% in first quarter

Titas Gas Transmission and Distribution Company posted a 3.97 per cent fall in its profits in the first quarter (July-September) of financial year 2021-22.

The publicly traded gas distributor reported Tk 63.90 crore in profits for the quarter, against Tk 66.54 crore of the previous year’s same period. It blamed high operating expenses for the profit decline.

According to its financial statement, Titas Gas reported earnings per share (EPS) of Tk 0.65 for the first quarter, which was Tk 0.67 in the same period of the previous year.

During July-September period, the company’s operation costs rose 5 per cent to Tk 128 crore, which was Tk 122 crore in the previous year’s same period.

Its net operating cash flow stood at negative Tk 0.59 in the quarter, against negative Tk 12.28 of July-September quarter of FY21.

Besides, it reported net asset value per share of Tk 73.21 during the period, when the figure was Tk 72.57 in the previous year.

The gas company declared 22 per cent cash dividend for the financial year 2020-21.

Currently, it has a surplus reserve of Tk 5,894 crore. Its share price increased 0.76 per cent to Tk 39.90 at the Dhaka bourse on Wednesday. The price moved between Tk 30 and Tk 47.60 throughout the previous one year.

Founded in 1964, Titas Gas, a concern of state-owned Petrobangla, got listed with the stock exchanges in 2008.

The company transmits gas from the natural gas fields to different areas and ensure smooth supply to the consumers.

The government owns 75 per cent stake in the company, while institutional investors own 15.13 per cent, foreign investors 0.54 per cent and the general public hold 9.33 per cent.