Runner Automobiles PLC – the country's pioneer in motorcycle manufacturing and exporting – has incurred a consolidated loss of Tk28 crore in the first three months of the current fiscal year as its sales declined tremendously.
During the July to September quarter, its loss widened by 202% than the same time of the previous fiscal year.
In Q1 of the FY22, it incurred a loss of Tk8.93 crore.
The consolidated loss per share of the company stood at Tk2.27, the loss per share was Tk0.81 during the July-September of FY22.
In a filing on the stock exchanges, the company said its profit has declined significantly due to losing sales tremendously.
According to its consolidated statement for the first quarter, its revenue declined by 25% to Tk172 crore, which was Tk230 crore in the same time of the previous fiscal year.
Runner Automobiles tasted loss in FY23 for the first time due to the economic slowdown and high inflation.
It incurred a loss of Tk96 crore in the 2022-23 fiscal year.
The company officials report a challenging period marked by substantial declines in sales across all sectors, including 2-wheelers, 3-wheelers, and commercial vehicles