Globally, the biggest beneficiary from this period of unprecedented change is undoubtedly Big Tech, as its customers are forced to accelerate online plans, take up new networking tools and get people working from home.
So one would expect Bangladesh’s IT companies to be doing rather well for themselves, too. Turns out, they are not.
Of the 10 listed IT companies, eight have disclosed their numbers for the first quarter of their 2020-21 financial year and profit of five have -- declined.
During the period, Daffodil Computers saw its profit tumble the most: 65.4 per cent year-on-year to Tk 81 lakh, according to its unaudited financial statement.
“Our sales have been low as schools, colleges and universities are still closed for the pandemic,” said Md. Monir Hossain, company secretary of Daffodil Computers.
In Bangladesh, schools and educational institutions have been closed since March 17 as part of the government’s strategy to tame the spread of coronavirus.
Hossain though is hopeful of a pick up in fortunes if there is no second wave of COVID-19 cases.
After Daffodil Computers, AamraTechnologies saw its profit shrink the most: 22.5 per cent.
Thecompany, which provides the financial industry with hardware, software and connectivity solutions, posted a profit of Tk2.3 crore.
Aamra Technologies blames the unavailability of products and constraints in the import channel for the slump in profit.
“The import costs were high and this impacted the cost of goods sold significantly,” said Syed Moniruzzaman, company secretary of Aamra Technologies.
Though the operating and financial expenses were favourable, the increased cost of goods sold had affected the profit negatively, he added.
Its sister concernAamraNetworks, which provides state-of-the-art IT communications solutions,navigated the three months to September slightly better though:its profit was down 8.3 per cent year-on-year to Tk 4.4 crore.
The profit of BDCOM Online, which provides nationwide internet service, data communication service, IP telephony service and vehicle tracking system, was down by the same percentage as Aamra Networks during the quarter.
Genex Infosys, the leading outsourcing provider of customer experience management,though posted profit growth of 16 per cent.
ADN Telecom, the leading ISP, MPLS, IPLC, and IP Telephony service provider in the country, also turned in profit growth between July and September.
