Bay Leasing set to sell commercial floor of Le Meridien
Bay Leasing & Investment Limited — a nonbank financial institution (NBFI) — has decided to sell a commercial floor space at Le Meridien Hotel, a renowned five-star hotel in the country.
According to a disclosure published on the Dhaka Stock Exchange (DSE) on Wednesday, the board of directors has approved the sale of the 5,265 square feet commercial floor.
The commercial space is located on the first floor of the Le Meridian Hotel at Nikunja.
The book value of the commercial space is Tk6 crore, the disclosure reads.
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Regarding selling its commercial floor, Sharmin Akhter, company secretary of Bay Leasing and Investment declined to make any further comments.
Loss narrowed in Q1 2024 as provision lessened
In another disclosure on the DSE website, Bay Leasing reported that its consolidated loss declined by 33% to Tk6.16 crore from January to March of 2024, compared to the same period in the previous year.
According to the disclosures, its consolidated loss per share stood at Tk0.44 from January to March of 2024, which was Tk0.66 at the same time in 2023.
Regarding the narrowing of losses, it said that net interest income drastically fell but due to lowering provision, its loss after tax decreased.
The Q1 report for 2024 showed that Bay Leasing kept a total of Tk2.21 crore as a provision, which was Tk11.53 crore from January to March of 2023.
Meanwhile, its interest income also declined to Tk 20.65 crore, down from Tk 28.46 crore at the end of March 2023.
Incurred Tk82.84cr loss in 2023
Bay Leasing reported a loss of Tk82.84 crore for the year 2023. As a result, the NBFI will not pay any dividends to its shareholders, according to price-sensitive information (PSI) released by the company.
The consolidated loss per share for 2023 stood at Tk5.88, which was the same in 2022.
The company last paid dividends to its shareholders in 2020 and has not done so for three consecutive years.
Bay Leasing & Investment Limited has been listed on the stock exchanges since 2009.
