ACI Limited has registered a loss of Tk 48.39 crore in the second quarter (Q2) of the current fiscal year 2023-24.
The company, however, earned a net profit of Tk 14.93 crore during the same period last fiscal year.
The pharma company posted a consolidated loss of Tk 8.42 per share in the first six months (H1) of FY24 compared to a loss of Tk 1.79 in the same period last fiscal year.
During the six-month period ended on 31 December 2023, the Group saw a robust revenue growth which was contributed by a number of businesses as demonstrated in Consolidated Operating Segments. During the period, growth in gross profit exceeded the growth in operating expenses which contributed to the improvement of the operating profit, according to the information divulged on the DSE website on Wednesday.
The staggering surge in production cost due mainly to currency exchange volatility, energy price hike, and high import costs, coupled with the inflated financing costs depleted the conglomerate’s overall profitability, according to its H1 financial report, it added.
Meanwhile, the company reported a net loss Tk 64.16 crore in the first half of FY24 which suffered a net loss of Tk 13.64 crore in the corresponding period last fiscal.
The company’s consolidated net operating cash flow per share (NOCFPS) stood at negative Tk 88.84 for the July-December period of FY24 against Tk 80.36 for H1 of FY23.
Its consolidated net asset value (NAV) per share stood at Tk 98.97 as of December 2023 which was Tk 113.67 till June 2023.
With an investment of around Tk 50 crore, Advance Chemical Industries (ACI) Limited has entered into a joint venture with Singapore-based Colgate-Palmolive (Asia) Pte Limited.
The company said its board of directors approved the signing of the joint venture agreement as per a disclosure posted on the Dhaka Stock Exchange (DSE) website in April, 2023.
Colgate-Palmolive (Asia) Pte Limited, a Singapore-based company, is a part of the renowned business group Colgate Palmolive Company.
It is largely engaged in the manufacturing of oral and personal care products.
The formation of the joint venture, namely Colgate-Palmolive ACI Bangladesh Pvt Limited, will be implemented upon the fulfilment of regulatory formalities, According to the company's announcement at the time.
ACI will own a 24 per cent holding in the proposed company against its investment.
