Anwar Galvanizing booked Tk9.11 crore H1 profit on investment gains despite core business losses
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Anwar Galvanizing Limited continues to bleed in its core business amid weak construction demand and supply chain disruptions. Yet, strong gains from capital market investments have helped the listed company swing back to profit in the first half of the current fiscal year.
According to its half-yearly financial report, the company posted a profit of Tk9.11 crore with earnings per share (EPS) of Tk3.02. In the same period of the previous fiscal year, it recorded a loss of Tk5.45 crore and per-share loss of Tk1.81.
In a disclosure to the stock exchanges, the company said its profit turnaround was mainly driven by a sharp rise in non-operating income, which increased by Tk21.19 crore in the first half. Non-operating income in the second quarter alone rose by Tk8.89 crore, largely from stock market investments.
However, the company acknowledged that its operational performance remained under pressure. A downturn in demand in the construction sector, prolonged political unrest and disrupted supply chains adversely affected its gross profit margin during the reporting period.
Revenue in the half-year rose slightly to Tk30.38 crore from Tk28.89 crore a year earlier. After deducting operating expenses, the company incurred an operational loss of Tk8.34 crore.
On Tuesday, shares of Anwar Galvanizing closed at Tk92.30 each on the stock exchanges.
Source: The Business Standard
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