Golden Son on losing streak for 4 years

Key financials:

• Tk15.24 crore profit in 18 months (Jan 2015 to June 2016)
• T2.23 crore net loss in the first quarter of FY21
• Tk18.03 crore loss in FY20
• Loss per share was Tk1.05 in FY20

Golden Son Limited, a listed company on the stock market, has been incurring losses for four consecutive years.

The loss continued till the first quarter (July-September) of fiscal year 2020-21 though it was 45% lower than the previous year.

The company released its unaudited financial statements for the first quarter on Monday.

According to the Dhaka Stock Exchange, the profit of the company was Tk15.24 crore in 18 months – from January 2015 to June 2016.

However, in fiscal year 2016-17, it incurred a loss of Tk21.82 crore. In 2019-20, the loss was Tk18.03 crore and the loss per share was Tk1.05.

In 2018-19, the company incurred a loss of Tk17.03 crore. The loss in the 2017-2018 financial year was Tk17.85 crore.

According to the company's unaudited estimates, turnover in the first quarter was 13% lower than the previous year, but gross profit increased by 30% or Tk1.31 crore.

After paying taxes, the company had a net loss of Tk2.23 crore. However, at the end of the quarter, the total comprehensive loss stood at Tk2.07 crore.

The company's loss for this quarter was Tk1.87 crore less than the previous year. It had a post-tax loss of Tk4.10 crore in the first quarter of 2019-20. As a result, the loss in the first quarter decreased by 45%.

This year, the loss per share was Tk0.13, which was Tk0.24 in the previous year. In other words, earnings per share loss decreased by 46%.

When asked about the company's losses, Golden Son Company Secretary Md Ayinuddin, ACS declined to comment.

Golden Son Limited, listed as an engineering company in the capital market in 2007, manufactures garments accessories, household items, screws, golden infinity and toys.