Beating Covid-19 fallouts, electric bulbs manufacturer Bangladesh Lamps Limited has returned to profit due to a cut in finance cost and surge in other incomes from huge losses in the last fiscal year.
The company has reported a Tk4.77 crore profit while its earnings per share (EPS) stood at Tk5.10 for the 2020-21 fiscal.
On Tuesday, it disclosed its annual financials on both stock exchanges.
According to the company, its board of directors has recommended a 20% cash dividend for shareholders. It had paid 10% cash dividends to its shareholders although it incurred losses.
In the previous fiscal year, the company incurred a loss of Tk9.25 crore for covid-19 while the loss per share was Tk9.88.
At that time, it had said it could not reach the forecasted revenue as it suffered losses because of operational cost, payrolls, rents, depreciation, and other expenditures during the period.
As it recovered from the pandemic blow in FY21, the company said its profit significantly rose because of an increase in revenue and other income, and a cut in finance cost.
As per information of the company, its revenue increased by 46%, net finance cost decreased by 57%, and its other income increased by 26%.
Officials of the company, seeking anonymity, told The Business Standard in the previous fiscal year, its dividend from other income was not included because the company, in which BD Lamps invested, did not pay dividends in time.
BD Lamps said the annual general meeting (AGM) will be held on 19 December.
The record date has been fixed for 10 November.
After publishing annual financials, it also published first-quarter financials from July to September of the 2021-22 fiscal.
In the period, its net profit rose by 10.62% compared to the same time of the previous fiscal year.
Its EPS for the first quarter stood at Tk1.27, which was Tk1.18 in the same period of the previous year.
As per financial statements, the Net Operating Cash Flow per Share (NOCFPS) stood at Tk2.21 against Tk8.98 in July-September 2020.
It said NOCFPS has decreased due to an increase in the payments to suppliers by Tk8.08 crore.
Bangladesh Lamps Limited has an exclusive licensing agreement with Philips Electronics NV Holland, under which it manufactures Philips lighting products.
It manufactures electric bulbs, CFL, tube lights, and other lighting products under the Transtec Brand in its production facility in Dhaka and markets them through its nationwide distribution network.
Bangladesh Lamps Limited was incorporated in 1960 as a subsidiary of Philips, Holland.
In March 1993, Philips sold all its shares to Transcom. The company was listed in 1981.