Intech again incurs a loss in Jul-Sep quarter
Intech Limited was listed on the stock exchanges in 2002. The company turned into a poorly performing one in 2020. Since then, it has not been able to make profits
Publicly listed information technology (IT) company Intech Limited has incurred a loss of Tk46 lakh in the July to September quarter of the ongoing 2023-24 fiscal year.
At the end of September this year, the company's quarterly loss per share stood at Tk0.15, which was 9% lower than its loss per share in the same quarter last year.
In the July to September quarter of FY24, Intech's net asset value per share stood at negative Tk0.36 because its accumulated loss exceeded its property value.
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Intech Limited was listed on the stock exchanges in 2002. The company turned into a poorly performing one in 2020. Since then, it has not been able to make profits.
In November 2021, the company restructured its board by electing a new chairman and a vice-chairman to revive its business.
People related to Chattogram-based conglomerate S Alam Group and KDS Group joined the Intech board as part of complying with the regulatory provision of jointly holding 30% of the company's shares by the shareholder directors.
The company's Founder Chairman ATM Mahbubul Alam, and Directors Shadika Mahbub and Anisuzzaman resigned from their respective posts.
According to sources, the company is now running under the new management that holds around 27% shares in the company, and its old owner holds around 2% shares.
Atiqul Alam Chowdhury, chairman of Intech Limited, had stated in the annual report for the fiscal 2022-23, "Mistakes and fraudulent activities of the last management caused the business fall. Hopefully, we will be able to get out of this financial crisis very soon and the company will be profitable in the future."
In its latest annual report, the company stated the previous management said they diversified the business in other areas like resort and fishery projects. But the new management stopped its fishery business on leasehold property.
To mitigate the company's liquidity crisis, its board of directors had decided to provide a lease of 30 acres of unused land at Mymensingh for yearly Tk70,000 per acre only to Biswas Agro Fisheries Ltd for five years, the report said.
The current management has informed the Bangladesh Securities and Exchange Commission (BSEC) about their future plans for the company's business.
