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Kay & Que (Bangladesh) Ltd reported a decrease in earnings in the January-March quarter of the current fiscal year on a year on year basis.
The listed company’s earnings per share (EPS) for the Q3 of the fiscal year 2022-23 stood at Tk 0.11, much lower than the EPS of Tk 0.46 it recorded for the same quarter last fiscal.
Meanwhile, its EPS for the July-March period of FY23 was Tk 0.36, which was Tk 0.69 for the same period last fiscal.
The company reported an operating cash flow per share (NOCFPS) of Tk 0.05 for the period of July 2022-March 2023, which was much lower than the NOCFPS of Tk 0.87 recorded for the same period in the fiscal 2021-22.
The company’s net asset value (NAV) per share stood Tk 74.46 as on March 2023, which was Tk 76.98 till June 2022.
The company’s board of directors announced that the company would increase its paid-up capital from Tk 5.15 crore to Tk 6.86 crore, subject to necessary filings with the Bangladesh Securities and Exchange Commission (BSEC).
The company has leased its vacant factory land to CG Foods (Bangladesh) Ltd and is currently operating a CNG filling station on the factory premises. It has also been selling stones imported from Bhutan and India.
However, the company has been incurring losses in these businesses. In the last financial year, the company had a loss of Tk 53 lakh in the stone and CNG businesses.
Despite losses, it recommended a 5 per cent interim stock dividend for its shareholders. Recently, the Bangladesh Securities and Exchange Commission approved the stock dividend payout issue.
Kay & Que (Bangladesh) Ltd has a history of losses. The company used to produce carbon rods for dry-cell batteries, but it plunged into losses after a decline in demand for dry-cell batteries in the country. In 2012, the company closed the factory.
It later diversified its business by starting coal tar and pesticide ventures but could not develop the necessary marketing system. These businesses have never seen a profit, and the owners have since closed these factories. Additionally, the company sold the machinery in 2015 as it became obsolete.
As on Tuesday, the company’s shares traded at Tk 223.40 per share on the Dhaka Stock Exchange.
