ACI sinks into losses

ACI Ltd, which operates in diversified areas of business, sank into losses in the last financial year, suffering from an increase in the price of dollars and higher energy and borrowing costs.

Its net losses stood at nearly Tk 49 crore in 2022-23.

The conglomerate's earnings per share (EPS) stood at Tk 6.48 in the negative in the last financial year, down from Tk 4.98 in 2021-22, ACI said in a price-sensitive disclosure.

"Despite remarkable revenue growth during the year, consolidated EPS of the company experienced a decline, which is primarily attributable to rising costs driven by unfavourable currency exchange rates, a significant increase in energy expenses, higher borrowing costs, and the over-arching challenges posed by the macro-environment," it said in a statement.

The group, which has business interests in fields ranging from pharmaceuticals and consumer goods to retail, agribusiness and motors, did not disclose its revenue figures.

However, a senior official, seeking to remain unnamed, said ACI registered "significant sales growth" in motors, supermarket chains and the commodities segment.

It also saw its costs rise but the group could not adjust retail prices accordingly, he said.

ACI said the net operating cash flow per share turned negative due to investments in the working capital to support future business growth.

The company's board recommended a 40 percent cash dividend for the year that ended on June 30, compared to 50 percent the previous year.