Non-adjustable minimum tax and increased competition on the market have not impacted LafargeHolcim Bangladesh Ltd as its net profit has increased by 46 percent in the first quarter of the 2020 accounting year.
In an unaudited statement, a company official said the net profit rose in the first quarter, January to March 2020, mainly due to a decrease in its production costs.
However, the cement company's consolidated sales revenue during the same period dropped by 1.5 percent to about Tk513 crore.
A company official also said the revenue slid – due to a decline in sales at the end of March because of the Covid-19 shutdown.
In the first quarter of the current accounting period, LafargeHolcim's net profit was Tk52.24 crore. Its earnings per share and net asset value per share stood at Tk0.45 and Tk14.23, respectively.
Earlier, the company decided to give out 10 percent cash dividends to its shareholders for the accounting year 2019.
It has already postponed its annual general meeting and record date due to the Covid-19 shutdown.