IFAD Autos profits nosedive –

IFAD Autos Ltd reported a 75% YoY decrease in their Q2 net profit for the financial year 2022-23. The company, which assembles trucks and sells vehicles, saw a decline in earnings per share from Tk 0.53 to Tk 0.13 in the three months ending December 2022, according to a disclosure made by IFAD at the Dhaka Stock Exchange (DSE).

The financial results for the first six months of IFAD Autos’ financial year showed a negative overall income, including the second quarter earnings.

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The company’s earnings per share declined from Tk 0.93 a share to a loss of Tk 0.65 per share in the July-December period compared to the previous year. Despite the financial results, the company’s share price remained at Tk 44 throughout today’s trading session.

Additionally, the net operating cash flow per share also turned negative in the first half of the year.