Aramit Cement Ltd posts loss in 1QFY23

Aramit Cement Ltd of Bangladesh has announced its financial results for three months (July 2022 to September 2022) on 14 November 2022. It posted a net loss of BDT89.5m (US$0.879m) during these three months compared to a loss of BDT66.4m in the corresponding period last year, says Company Secretary Syed Kamruzzaman. 

The company’s net sales decreased by 83.15 per cent to BDT50.17m from BDT297m, the top line recorded in the same quarter last year. Administrative expenses remained stagnant at BDT1.56m during this period, but selling and distribution expenses decreased to BDT1.54m from BDT2.46m during the three comparative months.

Meanwhile, during the 134th meeting of the Board of Directors of Aramit Cement, approval was given of the Audited Financial Statements for the year ended 30 June 2022 and an interim dividend as the final dividend at five per cent was recommended. Aramit reported a loss of BDT572m in FY2021 -2022 (July – June). The company is yet to release full details of the results. Still, the industry believes that most cement companies will see sales drop, price hikes of raw materials in the international market, and devaluation of BDT against foreign currencies, especially US dollars.