Despite an 11 per cent increase in revenue, SS Steel Limited had a 5 per cent drop in profit in the third quarter of the current fiscal year.The Dhaka Stock Exchange (DSE) website disclosed the company’s financials for the January to March quarter of fiscal 2021-22 on Wednesday.According to the filing, the MS rod manufacturer’s consolidated revenue for the quarter was Tk194 crore, up from Tk175 crore a year before.Its consolidated profit was Tk20 crore, down from Tk21 crore in the previous fiscal’s third quarter.
Its consolidated revenue was Tk513 crore and net profit was Tk65 crore from July to March of this fiscal year.SS Steel broke the Tk500 crore revenue barrier for the first time in nine months, mainly due to income from its subsidiaries.
Southeast Union Ceramics Industry Limited, a coal-based China-Bangladesh joint venture ceramic company, was purchased by SS Steel for Tk200 crore in January 2021.The corporation will thereafter invest Tk96.68 crore as a share money deposit in Al-Falah Steel. For this transaction, Al-Falah Steel will issue new shares to SS Steel.SS Steel anticipates that this investment will boost Al-Falah Steel’s yearly revenue by roughly Tk450 crore and significantly improve the company’s profitability.
