BSRM sinks to losses in Jul-Sep

Bangladesh Steel Re-Rolling Mills (BSRM Limited), the country’s pioneer steel maker, faced a blow to its progress as the company reported a massive loss in the first quarter of the current fiscal year.

The publicly traded company posted a net loss of Tk 164.52 crore in the July-September period of the fiscal year 2022–23 against a net profit of Tk 128.09 crore in the corresponding period last fiscal.

The construction steel maker blamed the strong dollar against the taka and the shortage of power supply which forced it to incur loss in the recently concluded quarter.

The company reported a per share loss of Tk 5.51 for the July-September period of 2022 against earnings per share of Tk 4.29 for the same period last year.

The devaluation of the domestic currency, shortage of power supply, and the rise in production cost pushed it to the edge, consequently eating up its first quarterly earnings, according to a filing posted on the DSE website on Tuesday.

Its consolidated net asset value (NAV) per share stood at Tk 128.65 till September 2022 which was Tk 134.29 as on June 2022.

BSRM Limited holds a 44.97% equity share of BSRM Steels, whose annual production capacity is 8.62 lakh tonnes of construction steel.