Square Pharmaceuticals sees first revenue decline in history
However, riding on the investments and associate’s income, Square Pharma managed to post a 1.54% increase in profit to Tk609 crore during the quarter
Square Pharmaceuticals sees revenue decline for the first time.
As per its undisclosed financial statement for the July-September quarter, seen by The Business Standard, Square Pharma reported Tk1,774 crore, a slight drop from Tk1,781 crore in the same quarter the previous year.
Confirming the matter, Zahangir Alam, chief financial officer of Square Pharma, told TBS that this is the first time that we experienced a decline in revenue.
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The decline is owed to multiple factors, including the turmoil centring on the July-August movement, the ongoing labour unrest and unprecedented flooding, he added.
Its operating profit also dropped around 13% to Tk556 crore during the quarter. At the end of the September quarter, its earnings per share stood at Tk6.87.
However, riding on the investments and associate companies' income, Square Pharma managed to post a 1.54% increase in profit to Tk609 crore during the quarter.
Founded in 1958 as a private firm, Square Pharmaceuticals went public in 1991 and is listed on both the Dhaka Stock Exchange and on the Chittagong Stock Exchange.
The company currently exports its medicine to dozens of countries across the world.
