ACI Limited, a major conglomerate in Bangladesh, suffered losses of Tk 18.59 crore from July through September of the current fiscal year as a result of increased borrowing costs and the local currency’s devaluation against the US dollar, which drove up the price of raw materials.
The listed company’s first-quarter profits for FY2022-23 decreased by 25% from Tk 24.82 crore in the corresponding period of the previous year. According to the company’s financial report, ACI’s net finance costs rose by Tk 29 crore, or 33% year over year, to Tk 117 crore in the first quarter.
During the period of July through September, ACI spent 77% of its revenue on the cost of products sold compared to 72% during the same time period the year prior. In the first quarter, ACI’s revenue increased 24% year over year to Tk 2,678 crore. Sales from the motor segment jumped 61% to Tk 606 crore, while those from the retail chain segment increased 32% to Tk 397 crore.
Additionally, ACI had an increase in income from the wheat, animal health, consumer goods, and seed sectors, while the pharmaceutical sector saw a 19% decline in revenue to Tk 325 crore.
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