The Bangladesh Shipping Corporation (BSC) has reported a 648% year-on-year growth in net profits after taxes for the first quarter (Q1) of the current fiscal year, thanks to an increase in shipping fares internationally.
For the July to September period, BSC's profits increased to Tk66.20 crore, which was Tk8.85 crore for the same period in the previous fiscal year.
Owing to an increase in profits, share prices of the company increased 12.35% to Tk55.50 each on Sunday from Tk49.40 in the previous trading session.
According to its financials, the company's earnings per share (EPS) rose to Tk4.34 from Tk0.58 in July to September of the last fiscal, 2020-2021.
The net operating cash flow per share (NOCFPS) increased to Tk5.44, and the net asset value (NAV) per share was Tk64.62 on 30 September, which was Tk2.36, and Tk60.28 respectively on 30 June 2021.
The BSC is an autonomous state-owned ocean-going vessel management authority under the shipping ministry that operates a number of ships and oil tankers and also charters sea-going vessels from other operators.
The company now has eight ocean ships including six new ships and two lighterage tankers in its fleet.
In the last 2020-21 fiscal year, the company reported a profit of Tk71.99 crore which was the highest in the previous six fiscal years since fiscal year 2015-16.
In that year (FY21), the company's profits increased 73.67% over the previous fiscal year, due to a reduction in ship operating costs, and a surge in shipping fares.
The Bangladesh Shipping Corporation started commercial operations in 1972 and was listed with the Dhaka Stock Exchange in 1977.