Business Report : Titas Gas Transmission and Distribution Company Ltd, a publicly traded state-owned firm, reported a net loss of Tk212 crore in the January to March of the 2023-24 fiscal. The loss in the same period of the previous fiscal year was Tk117 crore. At the end of the first nine months of FY24, its total loss stood at Tk165 crore. However, the company reported a notable growth of 20% in revenue, reaching Tk8,727 crore, owing to the increase...
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Business Report : Bangladesh’s inflation is not abating due to frequently rescheduling classified loans, said former Bangladesh Bank governor Dr Mohammad Farashuddin on Thursday. “Due to the frequent rescheduling of...
Business Report : In a significant development aimed at enhancing bilateral cooperation, Russia has expressed a keen interest in forming joint partnerships and investing in the electronic and digital device manufacturing sectors in Bangladesh. The proposal was discussed on Thursday during a meeting between the Russian Ambassador to Bangladesh, Aleksandr Mantytsky, and the Bangladeshi Minister of State for Posts, Telecommunications and Information Technology, Junaid Ahmed Palak. The meeting, which took place at the ICT Tower in city, also saw the...
Business Desk : Jenphar Bangladesh Limited has been awarded as ‘Green Champion’ for its outstanding contribution towards global climate as well as environment conservation using environment friendly technologies. The Award was handed over in a ceremony titled ‘Fostering Climate Finance Partnership in Bangladesh’ jointly organized by ‘Global Climate Partnership Fund (GCPF)’ and ‘Mutual Trust Bank’ at the Renaissance Hotel in the capital recently. Deputy Governor of Bangladesh Bank Nurun Nahar handed over the award to the managing director of Jenphar...
Business Desk : Evitex Dress Shirt Limited (EDSL), sister concern of Evince Group received the “Green Factory Award 2023” from the Govt. of Bangladesh. The award was given by the Ministry of Labor & Employment for EDSL continued endeavor on ensuring ecofriendly technology and a safe workplace in its Shirir Chala, Bhabanipur, Gazipur. EDSL recently achieved Platinum LEED certification for being environment-friendly. This factory also has a state of an art green garden. Shah Adeeb Chowdhury, Director of EDSL received...
Business Report : United Power Generation & Distribution Company Ltd (UPGDCL), Bangladesh’s first commercially independent electricity producer, recorded a 25 percent year-on-year increase in profit in January-March of the current financial year. The company’s profit rose to Tk 312.45 crore from Tk 248.1 crore in the third quarter of 2022-23. Therefore, consolidated earnings per share (EPS) climbed to Tk 5.39 from Tk 4.28, according to a filing on the Dhaka Stock Exchange. However, the consolidated EPS dropped to Tk 13.22...
Business Report : Rupali Bank, the sole publicly-listed state-owned commercial bank, has decided to issue 45.33 crore ordinary shares at a price of Tk15 each in favor of the secretary of the Finance Division (on behalf of the government). To get the shareholders approval, the bank called an extraordinary general meeting (EGM) on 30 July through hybrid system and fixed 12 June as the record date for identifying its stakeholders, according to a disclosure on the stock exchange website on...
Business Report : Best Holdings Limited, which owns Le Méridien Dhaka, achieved remarkable revenue growth during the July-March period of the fiscal 2023-24, driven by an influx of foreign guests. Its revenue rose by 25% to Tk299 crore, compared to Tk240 crore in the equivalent period of the previous fiscal year. On Tuesday, its shares closed 1.44% higher at Tk35.30 each at the Dhaka Stock Exchange (DSE). A few months ago, Best Holdings entered the DSE and the Chittagong Stock...
Business Report : The Dhaka Electric Supply Company (Desco) incurred a loss of Tk270.81 crore in the first nine months during the July-March period of the 2023-24 fiscal year. The state-owned power supplier incurred the loss due to an increase in operating expenses, foreign exchange loss, and debt interest, it said in a press statement published on its website. At the same time of the previous fiscal year, its net loss was Tk136.76 crore, read the statements. However, its net...
Reuters : Moody’s, the international credit rating agency, on Tuesday said they expected the tightening of overdue recognition for fixed-term loans to result in increases in nonperforming loans and provisions. This, they believe, will strain banks’ profitability in the near term. They made the disclosure in a report released on Tuesday. On 9 April, the Bangladesh Bank finally reinstated its loan classification rule of 2012 by cutting the overdue time of a term loan by three months in line with...
Business Report : Renata Limited – a manufacturer of pharmaceuticals and animal health products – has reported a 21.4% growth in profit and while its revenue grew by 9% in the January to March quarter of the current fiscal year over the same time of the previous fiscal year. During the Q3, it logged Tk72.62 crore profit, and Tk921.844 crore revenue, according to its consolidated interim financial statements for the nine months. However, its revenue grew by 14% to Tk2781.46...
Business Report : Individual investors’ capital gains from stocks will not be taxed, said Professor Shibli Rubayat Ul Islam, chairman of The Bangladesh Securities and Exchange Commission (BSEC). The International Monetary Fund (IMF) prescription to tax individual investors’ capital gains from listed securities, among many others, would not be possible to implement in the present context of Bangladesh, he said while talking to representatives of the Capital Market Journalists Forum (CMJF) at his office on Tuesday. “I had talks with...
Business Report : Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) organised its quarterly luncheon meeting at its Gulshan office on Monday, according to a press release. Mr Edimon Ginting, country director, Asian Development Bank (ADB) for Bangladesh, graced the event as the chief guest. Kamran T Rahman, president, MCCI, offered the welcome remarks. The event was moderated by the MCCI Secretary-General and CEO, Mr Farooq Ahmed. The MCCI president welcomed the chief guest and his colleagues....
