Fire at Gazipur plant to hit Square Pharma profit

Square Pharmaceuticals Limited, the country’s drug giant, said its profit is expected to fall about Tk 8 crore after Monday’s fire damaged the Gazipur factory, slowing production.

A fire broke out in the Large Volume Parenteral plant at the factory promises at Gazipur’ Kaliakoir and it may take two or three years to restore the damaged facility and production, said the company in a filing with the Dhaka Stock Exchange on Wednesday.

“The fire will hamper the production of 50 products and reduce the revenue and profit by about Tk 50 crore and Tk 8 crore respectively,” it said.

The fire broke out around 11 pm and spread to the plant on May 23. The firefighters brought the fire under control after hours of efforts, said the pharmaceutical company. The damage caused the fire under active security by the tripartite team comprised of the experts of the company, firefighting units, and surveyors of insurance companies.