Sonali Paper & Board Mills reported a substantial loss of Tk 118 million for the January-March 2024 quarter, a 4.8-fold increase from the previous year, largely due to unrealized losses from stock market investments. Loss per share rose to Tk 3.6 from Tk 0.75.
Although paper sales grew 2% to Tk 700 million, the overall financial impact was negative due to poor performance in equity investments. Unrealized losses amounted to nearly Tk 130 million, compared to a profit of over Tk 90 million a year ago. Consequently, the company’s profit fell 67% year-on-year to Tk 59.16 million, despite a 20% rise in sales revenue to Tk 2.21 billion. Sonali Paper’s stock price dropped 3% to Tk 183.4 per share following the financial report and has fallen 34% since late July. The company, which began significant stock market investments in 2021, is now focusing on new product lines like aluminum foil to improve revenue and market position.
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