Monno Ceramic shares soar unusually
The company’s net profit fell significantly in Q3
Monno Ceramic's share price has risen 37% in the last 13 trading days, an unusual growth given the tableware manufacturer's net profit and earnings per share (EPS) fell significantly in the third quarter from last year.
Responding to a Dhaka Stock Exchange (DSE) query over the issue, the company claimed there was no undisclosed information concerning the unusual price growth and increase in the volume of shares.
According to DSE, on 4 December, Monno's shares were priced at Tk105.1 each, but increased to Tk144.4 each on Tuesday.
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The company has registered an 81% fall in net profit in the July-September period, the first quarter of the current fiscal year, compared with the same period last year.
In the same quarter, the EPS declined to Tk0.04 from Tk0.21 last year.
In its disclosure to the DSE on 19 December, Monno Ceramic informed that its corporate director Monno Welfare Foundation has expressed an intention to sell six lakh shares of the utensil producer at the prevailing market price in the block market through DSE within the next 30 working days.
The Foundation holds around 1.21 crore shares of Monno Ceramic.
Monno Ceramic claims to be the oldest porcelain and bone china tableware manufacturer and exporter in Bangladesh with clients including some of the largest retailers in USA, Europe and Australia as well as the domestic buyers.
Its production capacity is two million pieces per month as well as 75,000 porcelain and 15,000 bone china pieces per day.
The company got listed on the DSE in 1983.
In the previous fiscal year, the company made a profit of Tk3.89 crore, and paid a 10% cash dividend to the general shareholders.
