Bata Shoe profit doubles in Jan-Mar
The net profit of Bata Shoe Company (Bangladesh) Ltd has almost doubled for the January-March quarter compared to the same period last year.
According to its financial statement published on Sunday, the multinational footwear company's net profit after taxes jumped to Tk13.62 crore for the first quarter of the year, up from Tk6.85 crore for the same period in 2022. Earnings per share (EPS) increased to Tk9.91, from Tk5.01.
The 14% year-on-year growth in quarterly revenue reached Tk245 crore, while the cost of goods sold increased by almost 5% and operating expenses increased by 16%.
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"EPS increased significantly compared to last year, driven by revenue growth, especially due to school and winter seasonal businesses and other promotional activities," the company said in its statement.
The revenue growth, on the other hand, was a result of the normalization of the economic condition, Bata Shoe Bangladesh said, as it had hard times during the pandemic when lockdowns and school closures drastically dragged down its business to losses.
At the end of March, the company's net asset value per share stood at Tk262.12.
Bata Shoe shares, having a face value of Tk10 apiece, closed 1.7% lower at Tk1,007.7 on the Dhaka Stock Exchange on Sunday.
