Fu-Wang Ceramic sees 19% fall in profit despite revenue growth
The cost of goods sold increased by 15% year-on-year in the first nine months of FY22
Despite an 11% revenue growth in the first nine months of the current fiscal year, Fu-Wang Ceramic Industry Limited witnessed a 19% fall in net profit after tax owing to the surge in the cost of goods sold.
During the July to March period of fiscal 2021-22, the company's cost for goods sold increased by 15% compared to the same period of the previous fiscal year.
According to its un-audited financials, the company's revenue rose to Tk62.66 crore, from Tk56.54 crore in the July-March period of the previous fiscal.
Keep updated, follow The Business Standard's Google news channel
Its net profit after tax declined to Tk3.07 crore from Tk3.79 crore year on year.
In the third quarter of the ongoing fiscal, its revenue increased by 14% to Tk21.75 crore, and profit rose by a meagre 0.7% to Tk80.19 lakh compared to the previous fiscal's January to March quarter.
In the last fiscal year (FY21), it made a profit of Tk4.63 crore and paid a 2% cash dividend to its shareholders.
Fu-Wang Ceramic Industry was incorporated in 1995 as a joint venture company and it went public in 1998.
The company is engaged in manufacturing & marketing various types of wall and floor tiles including homogenous, decorative, decor-border, and printed porcelain floor and rustic tiles. Its factory is situated at Hotapara, Gazipur.
