The Peninsula Chittagong reports its first-ever loss since listing in FY23, with a loss of Tk 0.34 per share compared to Tk 0.19 profit per share in the previous fiscal year.
The downturn is attributed to increased finance expenses and a 19% rise in the cost of goods sold. The company invested in constructing a second five-star hotel, leading to bank loans of around Tk 1 billion. The board declares no dividend for the first time since 2014. Yearly income data is undisclosed, but nine months’ revenue was Tk 292 million until March.
Rising global food prices and high inflation contribute to a 37% YoY increase in finance costs and a 22% rise in administrative expenses. The second hotel’s completion is expected to bring a strong recovery. The company’s stock remains stagnant at Tk 27.40 since November last year.
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