Emerald Oil rectifies last two quarters' earnings
Emerald Oil Industries, which had posted miscalculated earnings per share (EPS) for the second and third quarter of the fiscal 2022-23 last week, posted the correct figures on the Dhaka Stock Exchange (DSE) website on Monday.
Therefore, the revised EPS for the second (October to December) quarter of FY23 is Tk0.19, and that for the third (January to March) quarter is Tk0.17.
According to the company's disclosure on 8 June, the wrong figures were Tk0.21 for December quarter and Tk0.19 for March quarter.
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Emerald Oil officials said the company made a mistake in calculating its EPS by diluting fresh shares against share money deposit of Tk8.28 crore into ordinary shares for the said quarters.
As a result, these two quarters' EPS were overstated.
In the first nine months (July to March) of FY23, the company made a profit of Tk5.2 crore, which was a loss of Tk2.14 crore in the same period of FY22. Its EPS during the period stood at Tk0.58.
Based on its nine-month earnings, Emerald Oil has recommended a 5% interim cash dividend for its shareholders.
But its previous sponsor-directors who held 30.54% shares will not be entitled to this interim dividend. The record date is 26 June this year.
Emerald Oil Industries, which got listed on the stock market in 2014, was non-operational till January last year because of a loan scam by its previous owner who fled the country.
The factory was closed till January 2022. Also, the company has been in losses for years. As a result, it failed to pay any dividend to its shareholders for five straight years since the fiscal 2016-17.
Then for FY22, it declared a 2% cash dividend as it made a profit of Tk1.21 crore in that fiscal.
