Pharmaceutical company Renata Ltd witnessed a 35 per cent year-on-year drop in net profit in the October-December period due to increased price of raw material generated by the dollar crisis.
As a result, the company’s turnover declined to Tk 757.6 crore in October-December period of 2022 from Tk 762.9 crore the same period a year ago.
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However, its cost of sales rose by 21 per cent year-on-year to Tk 483.7 crore in the second quarter of the financial year 2022-23.
Renata posted Tk 87.8 crore in income in the second quarter to the end of December 2022 down from Tk 135.9 crore in its unaudited financial statement.
Renata’s consolidated earnings per share (EPS) dipped 35 per cent to Tk 7.66 for October-December 2022, from Tk 11.89 a year ago.
With the second quarter earnings, overall earnings declined 22 per cent year-on-year to Tk 18.52 for the July-December 2022.
Renata’s share remained unchanged at Tk 1217.90 since November at the Dhaka Stock Exchange.