Linde Bangladesh Ltd, a leading producer and supplier of medical and industrial gases, has reported a 53% year-on-year decline in net profit in the first quarter of 2023 due to lower sales and higher raw materials prices. The international corporation made a net profit of Tk 14 crore in the first quarter of this year, compared to Tk 30 crore in the same quarter of 2022.
The company’s revenue also fell by 8% during the same period. This was mainly due to the decrease in demand for medical gases after the ease of the COVID-19 pandemic and the rising cost of raw materials in the international market, coupled with forex market volatility. The company’s earnings per share and net asset value per share have also declined compared to the previous year. Linde Bangladesh operates as a manufacturer and supplier of industrial and medical gases, anesthesia, welding equipment and products, and ancillary equipment. The company also earns from the rental of cylinders used by customers and from vacuum-insulated evaporators installed at customers’ premises.