• Wednesday, Nov 25, 2020
  • Last Update : 04:26 pm

Bangladesh Lamps reports higher loss per share

  • Published at 08:56 pm October 20th, 2020
Transtec bangladesh Lamps Ltd

Bangladesh Lamps Limited is a manufacturer and supplies "Transtec" electric light bulbs across the country

Bangladesh Lamps Limited, a sister concern of Transcom Group, has reported a loss per share at Tk9.88 for the year ended June 30, 2020, resulting in a Tk13 loss compared to Tk3.12 in earnings per share in the previous year.

Bangladesh Lamps Limited is a manufacturer and supplies "Transtec" electric light bulbs across the country.

The company's earnings per share (EPS) fell compared to the same period last year due to sales dropping because of the Covid-19 pandemic, according to an official disclosure posted by the company on Dhaka Stock Exchange (DSE) website on Tuesday.

Even then, the company’s share prices rose abnormally on Tuesday at DSE.  Share price of Bangladesh Lamps rose 25.21% or Tk30.6 to close at Tk150.40.

There is no price limit on the trading of shares of  companies on the day following its corporate declaration.

Amid declining profitability, the company's board of directors on Monday declared a 10% cash dividend for the last fiscal year, which was their lowest in the last five years.

The final approval will come during the annual general meeting (AGM) scheduled to be held on December 15 virtually. The record date is November 12.

Bangladesh Lamps has reported net asset value (NAV) per share of Tk59.98 and net operating cash flow per share (NOCFPS) of Tk14.70 for the year ended on June 30, 2020.

The company’s EPS was Tk3.12, NAV Tk92.34 and NOCFPS Tk3.03 for the same period of the previous year.

As per the disclosure, the reason for significant deviation in EPS was the Covid-19 outbreak, for which the company failed to earn forecasted revenue to cover its operating fixed costs such as payroll cost, rent, depreciation and finance costs.

Meanwhile, the company’s EPS was Tk1.18 for July-September 2020 as against per share loss Tk1.48 for July-September 2019.

The company has an exclusive licensing agreement with PHILIPS Electronics NV Holland, under which its manufacturers Philips lighting products.

The company was incorporated in 1960 as a subsidiary of Philips, Holland. In March 1993, Philips sold its entire shares to TRANSCOM.

The primary purpose of the company is to produce and serve Philips GLS lamps (Classictone, Softtone and Anti-Insect types) and Transtec CFL and GLS lamps (Clear and Lustre types) around the country which are marketed and sold under the governance of Transcom Electronics Ltd (TEL) as lightening distribution and sales projects.

In 2002 Transtec officially came into the world of lighting business with tube lights and started marketing lighting products nationwide.

The company was listed on the Dhaka Stock Exchange in 1981. The company’s paid-up capital is Tk9 crore. It belongs to the “A” category.

The sponsor-directors own 61.88% stake in the company, while institutional investors own 16.03%, foreign investors 0.03% and the general public 22.06% as of September 30, 2020.

Even then, the company’s share prices rose abnormally on Tuesday at DSE.  Share price of Bangladesh Lamps rose 25.21% or Tk30.6 to close at Tk150.40.

There is no price limit on the trading of shares of any companies on the day following its corporate declaration.

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