Shares of Eastern Cables yielded a gain of 9.8% yesterday, making the total gain of around 60% in one month period.
The cable company listed in 1986 at the Dhaka Stock Exchange disclosed its half-yearly earnings on January 22 that increased 5% as compared to previous year’s profitability.
It showed the second quarter earnings (October to December) to be Tk1.26 crore after tax, which is Tk37.8 lakh higher than last year’s Tk88.3 lakh during the same period.
However, the latest financial statements of the company shows a significant fall in net sales, which have been offset by increased non-operating profit and higher gross profitability during the first half of the operating year.
The fall in sales is close to one third of the sales figure during the same period a year ago. The lower sales have resulted in an increased stock holding of the company – twice as it was a year ago.
During the last week of the previous month, the “Z” category stock has informed in response to a CSE query dated February 24, that there is no undisclosed price sensitive information of the company for recent unusual price hike.
The company is consistently giving out cash dividend at 10% for most years of almost a decade.
As on December last year, the company has a half-yearly earnings per share of Tk0.70 with a net asset value of Tk24.66 each while the stock closed at Tk165.7 yesterday at DSE.
