Home ›› 03 Feb 2022 ›› Stock
The state-run oil, gas and power companies registered mixed financial performance in the second quarter of this fiscal year.
Out of the five listed companies, Padma Oil Company and Dhaka Electric Supply Company (DESCO) post stellar profits on the high volume of sales from October through December period of fiscal 2021-22, according to their latest financial statements.
However, the profits of Power Grid Company of Bangladesh (PGCB), Eastern Lubricants Blenders, and Titas Gas Transmission and Distribution Company dropped slightly due to a rise in operating expenses during the period. DESCO
The company saw a jump of 686 per cent in profit to Tk 14.86 crore during the period. The company had logged a net profit of Tk 1.86 crore in the year-ago period.
“Higher volume of sales and interest income earned from FDR or Fixed Deposit Rate help DESCO gain a healthy profit,” said the company in its financial statement.
Its lion share of profits came from increased sales to industrial and commercial consumers. The company earned Tk 14.51 crore from FDR during the period.
Padma Oil
Padma Oil Company registered a 24 per cent profit to Tk 58 crore over the same period a year earlier.
“It made the profit due to the rise in operating income and volume of sales,” said the company.
Titas Gas
Titas Gas’s profit fell marginally due to declining domestic and commercial sales during the period. It posted around Tk 72 crore in profit in the October-December period in FY22, which was Tk 74.8 crore in the same quarter a year ago.
PGCB
PGCB’s profit declined 26 per cent to Tk 66.33 crore in the second quarter of FY22. Spike in payment to supplying contractors and employees dented its profitability, said the company.
Eastern Lubricants
Eastern Lubricants, a Chattogram based fuel blending company, posted a drop of 60 per cent to Tk 0.12 crore during the period.
Its profit declined due to a fall in revenue (base oil) and non-operating income, noted the company in its financial statement.
