Phoenix Finance and Investments Limited reported a substantial loss of Tk80.61 crore in the second quarter of 2023, a staggering 69-fold increase from the same period the previous year when it incurred a loss of Tk1.16 crore. The company also failed to recommend any dividends for the year ending on December 31, 2022.
The loss per share for Phoenix Finance in the April to June quarter of 2023 was Tk4.86, compared to Tk0.07 in the same period in 2022. For the first half of 2023, the company reported a net loss of Tk223.43 crore, a stark contrast to the Tk0.17 crore profit in the corresponding period of 2022.
The NBFI’s classified loan portfolio stood at Tk638 crore by the end of June 2023, constituting approximately 23.42% of its total disbursed loans. Phoenix Finance’s shares remained stagnant at the floor price of Tk16.30 on the Dhaka Stock Exchange. As of August 31, 2023, sponsors and directors collectively held 30.51% of the company’s shares, institutional investors held 23.63%, and the general public held 45.86%.
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