Salvo Chemical's profit drops 63% in Jan- Mar

Salvo Chemical, which produces sulfuric acid, sulfate, battery-grade water, and glucose, posted a 63% year-on-year profit decline in the third quarter (January to March) of the current fiscal year due to the increasing cost of production.

From January to March quarter, its earnings per share was Tk0.42, which was Tk1.14 in the same period of the previous year.

From July to March period FY22, its EPS was Tk1.42, which was Tk2.49 a year ago.

The net asset value of the company stood at Tk14.79 end of March 2023.

The profit has decreased due to an increase in costs because of high raw material prices in local and import prices, currency devaluation, increase in energy price, and significant deterioration of non-operating income.

And net operating cash flow per share has decreased due to an increase in payment to suppliers, employees, and operating expenses than collection from customers.