Govt move suspending vehicle purchase puts Atlas Bangladesh in further loss
The state-owned motor vehicle distribution company Atlas Bangladesh reported that its losses have increased by 44% in the October-December quarter of FY2023.
The company, in its financial statement submitted to the Dhaka Stock Exchange (DSE), said that its sales have dropped due to the government's decision to suspend the purchase of new vehicles due to the ongoing global economic crisis.
Earlier, in July last year, the government issued a circular stopping the procurement of new vehicles for ministries and divisions for FY2022-23.
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The move came as part of the authorities' austerity measures taken so far to preserve the foreign exchange reserves and tame inflation.
In the second quarter of FY2023, Atlas Bangladesh's earnings per share stood at Tk0.82 negative, which was Tk0.57 negative a year ago.
At the end of the first half of the current fiscal year, its total earnings per share stood at Tk1.47 negative. The figure was Tk0.92 a year ago during the same period.
Currently, the shares of Atlas Bangladesh are stuck on the floor price at Tk104.20 each at the DSE.
