2 Subsidiaries of Pran post lower profits
The profits of two subsidiaries of the Pran Group, AMCL Pran and Rangpur Foundry Ltd (RFL), experienced a decrease during the July-December period of fiscal 2022-23, caused by various factors related to the ongoing global economic crisis.
According to a disclosure posted on the Dhaka Stock Exchange, RFL’s profits declined 2% year-over-year to Tk 2.14 crore in the first half of the current fiscal.
During the same period as the previous year, RFL’s earnings per share declined to Tk 2.14 from Tk 2.19. The firm operates an industrial venture that produces and distributes cast iron products, including tube well and irrigation pumps as well as their necessary spare parts.
According to the company’s financial report, RFL’s sales during the July-December period of 2022-23 remained relatively stable, with a slight decrease to Tk 78.36 crore compared to Tk 78.81 crore during the same period of 2021-22.
On the other hand, AMCL Pran experienced a drop in profits by 11% year-over-year, reaching Tk 3.09 crore in the first half of 2022-23. This has resulted in a decrease in earnings per share from Tk 4.35 to Tk 3.87.
Read more: Best Branding and Marketing Books in Bangladesh
Despite this, the company’s revenue increased by 3% to reach Tk 154 crore during the period.
The company remained primarily engaged in the trade and processing of fruits, vegetables, and other agricultural products throughout the year.
Yesterday, the stock price of AMCL Pran declined by 1% to Tk 240 and the stock price of RFL decreased by 0.58% to Tk 154.
