Olympic industries said that its earnings plunged to the lowest in six years.
The company said that it happened due to an increase in the cost of raw materials.
According to its half-yearly financials, the company reported Tk72 crore in net profits in the July-December period of 2021. Which is down by 33% against the same period of the previous year.
Olympic also said that its revenue from sales rose 11% year-on-year to Tk1,035 crore in the July-December period of 2021.
Meanwhile, their administrative and sales expenses rose 23% during the same period. It affected the operating profit of the company and it also incurred losses of Tk3.27 crore from investments in shares during the same time.
The closing price for each of Olympic’s shares was Tk159.1 during Tuesday’s trade. The company last offered a 54% cash dividend to its shareholders.
In November last year, the company announced that it will invest Tk25.65 crore to expand its production capacity in order to meet the growing market demand.