Biman reports Tk 2.72b Profit in FY ’19
Biman Bangladesh Airlines has reported a Net Profit of Tk 2.72 billion in the last fiscal year (FY 2018-19), according to an unaudited financial report of the company. Biman has automated the ticketing system, taken various steps for improving passenger service, purchased necessary equipments and deployed adequate manpower for on-time flight departure and enhanced monitoring. The national flag carrier has carried 2.8 million passengers during the FY, but the problem of on-time performance still persists. Biman expected to maintain it at a rate of 85 per cent. Biman earned Tk 57.91 billion and spent Tk 55.19 billion in FY 2018-19. It has paid Tk 530 million against the outstanding charges of civil aviation authority of Bangladesh (CAAB) and Bangladesh Petroleum Corporation (BPC). Biman made profit in three fiscal years in a row from FY 2014-15 to 2016-17. It registered a profit of Tk 3.24 billion in FY 201415, Tk 2.76 billion in 2015-16 and Tk 470 million in 2016-17, but incurred a loss of Tk 2.01 billion in FY 2017-18. The state minister also said that Biman has earned a staggering Tk 8.15 billion in revenue during the hajj season in the FY 2019-20. Biman has no liability to BPC. Its actual expense for fuel in 2018-19 was Tk 8.50 billion while it paid Tk 2.13 billion to CAAB as charges. Tender process regarding the construction of the third terminal of Hazrat Shahjalal International Airport has been finalised and awaits approval of JICA.
Most Banks’ EPS see higher growth in H1
Earnings per share (EPS) of 73 per cent listed Banks increased in first half (H1) of January-June 2019 period compared to the same period of the previous year. EPS is the portion of a company’s profit allocated to each outstanding share of common stock. In short, it serves as an indicator of a company’s profitability. According to the un-audited financial statements for January-June 2019 period, the consolidated earnings per share (EPS) of the 23 Banks rose out of 30. Six Banks’ EPS fell while a Bank’s EPS remained negative. Market insiders said most Banks’ EPS rose in January-June 2019 period due to increase in Operating Profit and decrease of required provision against loans and advances.
As per the unaudited financial statement, Exim Bank posted the highest growth by 331 per cent in the first half of 2019 to Tk 0.56 in
January-June 2019, up from Tk 0.13 in the same period a year ago. The IFIC Bank’s consolidated EPS also soared 159 per cent to Tk 1.01 for January-June 2019, which was Tk 0.39 in the January-June 2018, the DSE data shows. AB Bank saw the highest fall in EPS by 61 per cent to Tk 0.15 for January-June 2019, which was Tk 0.39 in the same period last year. The EPS of BRAC Bank, National Bank, Rupali Bank and Standard Bank also fell between 4.0 per cent and 29 per cent during the period under review. Meanwhile, the ICB Islami Bank saw lower losses in January-June 2018 period. The Bank’s EPS stood at negative Tk 0.29 in January-June 2019 which was negative Tk 0.31 in January-June 2018. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE) fell 36 points or 0.66 per cent in the first six months of 2019.
Liquidity crunch dictates new Monetary Policy Statement
The Bangladesh Bank yesterday unveiled a loose monetary policy for fiscal 2019-20 as it looks to pump money into the economy to alleviate the Banking system’s prolonged liquidity crunch. For instance, it has set Net Domestic Asset target of 16 per cent for fiscal 2019-20 in contrast to 12.3 per cent in June. It has also set a public sector credit growth target of 24.3 per cent, up from 21.1 per cent last month. The new Monetary Policy Statement is cautiously accommodative like the previous ones as it will help achieve 8.2 per cent GDP growth and contain inflation at 5.5 per cent. In the year-long Monetary Policy, the private sector credit growth target has been set at 14.8 per cent although the growth rate dropped to a six-year low of 11.29 per cent last fiscal year. The Central Bank has projected the NFAs will register a 0.3 per cent growth this fiscal year, whereas it grew 2.2 per cent last fiscal year.
LHBL posts 46pc growth in Net Profit in Q2
Leading cement manufacturer LafargeHolcim Bangladesh (LHBL) posted a significant increase in profits in the second quarter of the current year. Its Net Profit increased by 46 per cent during the period (April-June 2019) compared to the same quarter of last year. The company earned BDT 4,500 million revenue during this period which is BDT 641 million more than the same period of 2018, according to a recent statement of the company. Earnings per share in Q2 2019 improved to 38 paisa compared to 26 paisa in the same quarter of previous year. Net Asset Value per share stood at BDT 13.14 YTD (year to date) June, 2019. The Q2 2019 results demonstrate the strong performance trend which continues from 2018
ACI to set up Joint Venture Company with Danish CO-RO
ACI Limited will set up a Joint Venture Company with renowned Danish juice manufacturing company CO-RO A/S. In this regard, the board of directors of the ACI has approved a joint-venture arrangement to form and establish a Joint Venture Company with CO-RO A/S named — ACI CO-RO Bangladesh Ltd. The CO-RO A/S is a renowned Danish juice manufacturing company having its operation in 80 countries across the world and market leader in several Asian countries. The ACI will invest Tk 499 million over a period of next two years against its 49.9 per cent holding in the company, according to the disclosure. Each share of the ACI, which was listed on the Dhaka bourse in 1976, traded between Tk 254 and Tk 258.5, before closing at Tk 255.40, advancing 0.55 per cent on Wednesday. Its per share price traded between Tk 240 and Tk 398 in the past one year. The company’s consolidated earnings per share (EPS) turned negative to Tk 6.25 for January-March 2019 as against Tk 0.93 for January-March 2018. In nine months for July 2018 to March 2019, its consolidated EPS was also negative Tk 5.81 for as against Tk 8.64 for July 2017-March 2018. The sponsor-directors own 45.98 per cent stake in the company, while institutional investors own 29.77 per cent, and the general public 24.25 per cent as of June 30, 2019.
MTB launches co-branded Credit Card for Apex Rewards Gold Members
Mutual Trust Bank Limited (MTB) and Apex Footwear Limited have recently signed a MoU and launched an exclusive MTB-Apex Rewards VISA Platinum credit card for Apex Rewards Gold members at MTB Centre, the Bank’s Corporate Head Office, Gulshan 1 in the city. Syed Nasim Manzur, Managing Director, Apex Footwear Limited and Anis A. Khan, Managing Director & CEO, Mutual Trust Bank Limited signed the agreement on behalf of their respective organizations in the presence of Syed Manzur Elahi, Chairman of Apex Footwear Limited.
Managing Director and CEO of Midland Bank Signs MoU
Managing Director and CEO of Midland Bank Limited Md. Ahsan-uz Zaman and Joint Secretary and Project Director of a2i Programme Dr. Md. Abdul Mannan exchanged documents after signing a Memorandum of Understanding (MoU) in the capital. The purpose of this MoU is to facilitate electronic bill payment in ekPay platform.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,531.03||↑9.50||↑0.04% |
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 57.95 ||↓0.63||↓1.08% |
|Crude Oil (Brent)||$ 65.17||↑0.45||↑0.70% |
|Gold Spot|| $ 1,410.27||↓3.51||↓0.25%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8278|
|GBP 1||BDT 100.822|
|EUR 1||BDT 92.1824|
|INR 1||BDT 1.2041|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<