Crown Cement PLC has reported a significant drop in profits for the first quarter ending September 30 of its current financial year, with earnings plunging 89% year-on-year due to production and sales challenges linked to political instability and recurrent flooding.
In its unaudited financial statements released today, the cement manufacturer revealed that its profits for the July-September quarter decreased to Tk 37.7 million, compared to the same period last year. Earnings per share (EPS) fell sharply to Tk 0.25, down from Tk 2.32 in the previous year.
The company attributed this decline to weak market demand exacerbated by the monsoon season and significant disruptions from political unrest and severe floods, which hindered sales and resulted in underutilized manufacturing capacity.
Despite these challenges, shares of Crown Cement rose 0.75% to Tk 53.7 on the Dhaka Stock Exchange as of 2:32 p.m. today, suggesting investor resilience amid the company’s short-term setbacks.
