Titas Gas' fixed assets soar by Tk3,904cr
Its total fixed assets increased to Tk4,862 crore from Tk958 crore as of 30 June 2023.
The total value of fixed or long-term tangible assets held by Titas Gas Transmission and Distribution Company, a publicly listed state-owned gas distributor, has witnessed a Tk3,904 crore increase in a year.
Its total fixed assets increased to Tk4,862 crore from Tk958 crore as of 30 June 2023, according to a company disclosure published on the websites of both the Dhaka and Chattogram stock exchanges on Monday.
The disclosure said the board of directors approved the asset revaluation report submitted by ACNABIN Chartered Accountants & ZA Capital Advisory.
Keep updated, follow The Business Standard's Google news channel
Arpana Islam, the general manager of Titas Gas, told TBS, "The company possesses a significant number of fixed assets, including land and buildings. However, these assets had not undergone revaluation for an extended period. The company hired a professional valuer who assessed the assets at their current market value which led to a substantial increase in the asset valuation."
In the first nine months (July to March) of the current fiscal year, Titas Gas incurred a loss of Tk165 crore at the end of March 2024 as in the January-March quarter, it incurred a loss of Tk212 crore but in the first six months, it made a profit of Tk47 crore.
On Monday, Titas Gas's shares price increased by 1.45% to Tk21 each at the Dhaka Stock Exchange (DSE).
