RAK Ceramics, one of the largest ceramics makers in Bangladesh, saw its profit slump 34 per cent year-on-year to Tk 28.5 crore in the January-June period of 2023 as its cost grew much higher than its sales owing to non-availability of adequate gas and increased cost of gas and electricity.
Volatility in the foreign currency market and disruption in the global supply chain were the two other factors that affected earnings, said the company in its unaudited financial statements for the second quarter of 2023.
For all latest news, follow The My News’s Google News channel. Shares of the ceramic maker stood unchanged at Tk 42.90 on the Dhaka Stock Exchange as of 12.40 pm.
RAK said its sales increased marginally in the first half of the year to Tk 381.39 crore from Tk 380.30 crore a year ago.
Revenue growth remained almost flat in the April-June quarter.
On the other hand, its cost of sales, administrative, marketing and selling expenses increased in the first half of 2023.
RAK Ceramic’s cost of sales grew 6.5 per cent year-on-year while other expenses soared 19 per cent in January-June.
As such, its earnings per share (EPS) fell to Tk 0.67 in the January-June of 2023, down from Tk 1.01 the previous year.
The ceramics maker also posted reduced earnings in the April-June quarter: profit plummeted 31 per cent to Tk 12.8 crore.
