Walton Hi-Tech Industries PLC, a prominent player in the Bangladeshi consumer electronics market, announced a significant rebound in its profits during the first quarter of the current fiscal year. The boost in profits was primarily attributed to lower finance costs.
In the July-September period of 2023-24, Walton recorded profits of Tk 202 crore, marking a notable recovery compared to the same period in the previous year when the company incurred losses of Tk 46 crore. Consequently, the earnings per share (EPS) for the quarter stood at Tk 6.67, a remarkable turnaround from the negative Tk 1.52 reported in the previous year.
The company’s board of directors approved the quarterly financial report at a recent board meeting.
Walton attributed the improved financial performance to significantly reduced finance costs during the July-September period. This reduction in finance costs was mainly attributed to a slower depreciation of the Bangladeshi taka against foreign currencies, including the US dollar and the euro.
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Foreign currency losses for the first quarter amounted to Tk 1.89 crore, which was significantly lower compared to Tk 262.46 crore during the corresponding period in 2022.
As of the latest available data, Walton’s shares were trading at Tk 1,047 on the Dhaka Stock Exchange.
The strong performance and financial recovery indicate a positive outlook for Walton Hi-Tech Industries PLC, a key player in the country’s consumer electronics sector.
Source: The Daily Star
