Bata suffers another Q3 loss

Footwear giant Bata Shoe Company Bangladesh Ltd has incurred a loss in the third quarter of 2023 on generating profits in the preceding four quarters.

On the bright side, the loss incurred this time around is lower than that of the same period of 2022.

The July-September period's loss amounted to Tk 1.62 crore this year whereas it was Tk 5.89 crore in the same period last year, according to the listed multinational shoemaker's financial statements.

Its earnings per share (EPS) stood at Tk 1.19 in the negative and Tk 4.31 in the negative respectively.

It was during the pandemic in 2020 that Bata incurred its first loss on running for nearly six decades in Bangladesh.

The volume of losses suffered in the subsequent years was decreasing gradually.

The company returned to profits in the first quarter of 2023, the DSE data showed.

During the January-September period of 2023, Bata logged a profit of Tk 42 crore.

It was Tk 27 crore in the same period last year.

Its EPS rose to Tk 30.88 from Tk 20.11 in the previous year.

This was mainly due to efficient management of costs and net foreign exchange gains, the company said.

However, Bata's sales have been feeling the heat in the recent quarter, with revenues dropping 13 percent year-on-year to Tk 187 crore.

However, from the perspective of the nine-month period, sales increased 1 percent to Tk 750 crore.

Bata's stocks traded at Tk 996 at Dhaka Stock Exchange yesterday.