Home ›› 09 Feb 2023 ›› Stock
Monno Ceramics, a pioneer in the country’s ceramic industry, reported a 76.34 per cent fall in profit in the first six months of the current fiscal year 2022-23.
The company registered a profit of Tk 0.57 crore in July-December of FY23 compared to Tk 2.41 crore in the same period last year.
The ceramics manufacturer’s earnings per share (EPS) stood at Tk 0.15 in the July-December period of FY23 against Tk 0.64 for the same period of FY22.
Moreover, the company’s EPS for the October-December quarter of FY23 dropped Tk 0.11 from Tk 0.43 for the same period last fiscal.
The company suffered much so far in FY23 as high inflationary pressure amid the current unprecedented global economic crisis forced customers to cut their expenditures on non-essential segments.
The country’s leading tableware ceramics manufacturer exports products to more than 13 countries, allowing it to diversify the customer base and reduce the risk of relying on a single market.
The company exported Tk 14 crore worth of products in FY22.
Besides, it also received a 10 per cent cash incentive on export earnings from the government amounting it to Tk 1.4 crore last fiscal.
Monno Ceramics, according to DSE filings, offloaded a total of 22 lakh shares in less than two months till date, some of which were used to repay bank loans.
The company sold 416.50 decimal of unused factory property for Tk 20 crore on July 22 last year to pay off its debt and reduce financial expenses by 30 per cent.
Monno Ceramics, the first porcelain and bone china tableware producer and exporter in Bangladesh, continues to perform well, maintaining top revenue and profit.
Listed in 1983, the company’s shares closed at Tk 114.50 per share on the trading floor of the Dhaka Stock Exchange (DSE) on Wednesday, making it the second-top gainer in the stock market with a jump of 8 percent from the previous day’s price.
It was also the 14th top-traded company, trading 12 lakh shares worth 14 crore in value on the same day.
