Aramit Cement reports ongoing losses

Bangladesh-based Aramit Cement Plc has announced its financial results for the 1QFY23-24 (July -September 2023) and FY23 (July 2022 –June 2023). The company reported an extending net loss after tax of BDT136.07m (US$1.23m) between July and September 2023 against a loss of BDT89.59m during the same period last year. The noticeable loss in the 1QFY23-24 was due to the contract in sales growth to BDT25.28m from BDT50.17m during this accounting period, according to the company.

The same negative trend was also registered in FY22-23, when the company incurred a net loss after tax of BDT580.79m against a loss of BDT572.04m during the same period last year. The losses in FY23-23 have been attributed to the fall in sales to BDT135m from BDT728m during this period.

A previous annual report of the company says that some adverse situations related to exchange rates, shipping freight, and raw material price hikes in the international market have impacted sales in the last five years.