Tobacco manufacturer BAT Bangladesh has reported a drop in the profits of its latest quarter due to a modest fall in sales.
The company posted a net profit of Tk413 crore or an earning of Tk7.65 per share for the first quarter of 2024, witnessing a decline of 9.4% in comparison to the same period in the previous year.
Financial results were published on the company website on Monday.
According to the company’s financial report, the company sold 1,613 crore cigarette sticks during the three-month period, which is 10.4% lower against the same quarter last year.
Month of Ramadan falling within the quarter may have magnified the sales drop, said an industry insider.
BAT Bangladesh share price closed Tk363.3 at the Dhaka Stock Exchange on Tuesday after declining by 2.6% over the trading session.
The company stock price took a heavy beating in recent times, falling from a peak of Tk518.7 per share during 2024.
Currently, the sponsors and directors of the company hold 72.91% of its shares, while the government 0.64%, institutional investors 13.20%, foreign 5.79% and general investors 7.81%.
BAT Bangladesh was listed with the Dhaka bourse in 1977.
