Ceramic Industry Urges Removal of Supplementary Duty

The Minimum Wage Board has established a Tk 12,000 monthly minimum wage for the cement industry, with a 5% annual increment. Published on August 22, 2023, the wage structure includes six grades, from Tk 12,000 for Grade 6 to Tk 31,260 for Grade 1. Apprentice workers will receive Tk 8,800. This is the first time the sector is under wage regulation, with a 14-day period for public feedback on the recommendations.

GPH Ispat plans to raise Tk242 crore by issuing rights shares at Tk15 each, with a Tk5 premium, to fund expansion and improve financial stability. The company will offer one rights share for every three existing shares. Shareholder approval will be sought at an extraordinary general meeting (EGM) on October 20, with a record date of September 18. The funds will support the construction of a new plant aimed at boosting production capacity and generating Tk450 crore in annual revenue. The company has experienced significant growth, with revenue increasing fivefold to Tk5,900 crore in FY23 due to its new plant and rising exports. GPH Ispat reported a profit of Tk64 crore for the first three quarters of FY24, rebounding from a loss the previous year.

Construction material prices in Bangladesh have dropped slightly due to reduced demand amid economic uncertainty, monsoon floods, and political changes following the fall of the Hasina government. The real estate sector, a major consumer of these materials, has been hit hard, with sales significantly down.

Four companies from the Beximco Group owe a total of $25.43 million to Bangladesh Bank's Export Development Fund (EDF). Springful Apparels owes $12.26 million, Pink Maker Garments $8.53 million, Autumn Loop Apparels $4.36 million, and Platinum Garments $0.28 million. Due to this non-repayment, the EDF loan facility for Janata Bank has been suspended since November 7, 2022.

Berger Paints saw a 1% drop in profit to Tk 962 million for April-June 2024, despite a 1% increase in sales to Tk 6.98 billion. The decline was attributed to higher operating costs and foreign exchange losses. Earnings per share fell from Tk 20.96 to Tk 20.74. While costs of sales decreased 4% to Tk 4.61 billion, selling and distribution expenses rose 22% to Tk 911 million, and administrative costs increased 16% to Tk 207 million.

Steel and iron industry leaders have urged the removal of tariff complications on the import of raw materials and capital equipment during a meeting of the FBCCI Standing Committee on Iron, Carbon Steel, Stainless Steel, and Re-rolling Industries. They called on the interim government, led by the chief adviser, to take necessary actions.