Lovello posts 73% growth in Jan-Mar

Lovello Ice-cream – a brand of publicly listed Taufika Foods and Lovello Ice-cream PLC – has reported a 73% surge in profit for the January to March quarter of 2024, attributing it to increased ice cream sales.

Lovello reported a profit of Tk6.01 crore from January to March 2024, compared to Tk3.47 crore at the same time in the previous fiscal year.

According to its disclosure published on the stock exchange's website on Tuesday, its earnings per share (EPS) stood at Tk0.71, up from Tk0.41 at the same time of the previous fiscal year.

Regarding its profit growth, the company said the ice cream business is seasonal. From 1 January 2024 to 31 March 2024, ice cream sales increased as the summer commences.

However, in the first nine months of the 2023-24 fiscal year, from July to March, its profit increased to Tk10.85 crore, compared to Tk9.65 crore at the same time of the previous fiscal year.

Lovello's shares are trading at Tk61.20 each at the Dhaka Stock Exchange (DSE) on Tuesday (16 April).

Its share price increased by 0.82% than the previous trading session.