IFAD Autos to sell land for Tk16.50cr

IFAD Autos Limited, the sole distributor of Indian Ashok Leyland vehicles, announced it will sell 90 decimals of land at a value of Tk 16.50 crore.

The land to be sold is located in Tongi area under the Gazipur district, as per a disclosure filed with the Dhaka Stock Exchange (DSE) on Sunday.

In the first nine months (July-March) of the current fiscal year, the company suffered losses worth Tk 7.9 crore, according to its financial statements.

The sales of imported vehicles, which account for a significant portion of the company’s business, declined by 40 per cent or Tk 184 crore year-on-year during the July-March period of FY23.

The company’s overall earnings were significantly impacted by this decline in sales. However, the revenue from vehicle assembly and bodybuilding increased in the first three quarters of the ongoing fiscal.

In addition to its core automobile business, IFAD Autos also ventured into the food and lubricant sectors through joint ventures.

IFAD Autos shares have been stagnant at Tk 44.10 per share on the DSE trading floor since December 11, 2022.