Steel maker GPH Ispat has reported a significant loss of Tk 31.13 crore in the first nine months of 2023. Despite a 25% increase in revenue compared to 2022, the company suffered due to a lack of industrial power supply and unfavorable USD exchange rates.
The costly USD prices and power supply shortages severely hampered production and wiped out earnings for the steel manufacturer. The devaluation of the domestic currency by around 25% further exacerbated the situation. GPH Ispat incurred a loss per share of Tk 0.68 for the nine-month period, compared to earnings per share of Tk 3.39 in the same period last year. The company’s net operating cash flow per share and net asset value per share also experienced declines. The steelmaker faced import cost challenges and depleted export receipts, resulting in a loss in the first half of the fiscal year. Business professionals should monitor the impact of power supply shortages and currency fluctuations on GPH Ispat’s financial performance.