Summit Power's profit plummets on fuel price hike, foreign exchange loss
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Dhaka, Nov. 16 -- Summit Power, the country's largest private sector power producer, has reported a 21 per cent fall year-on-year in earnings per share in the first quarter of the current fiscal year mainly due to foreign exchange loss.
Its consolidated EPS was down to Tk 0.81 for the July-September quarter from Tk 1.02 a year ago. And profit declined to Tk 1.56 billion from Tk 1.76 billion during the time, according to an un-audited financial statement published on Tuesday.
The Russia-Ukraine war inflicted double jeopardy with unprecedented energy price hike and a leap in the exchange rate. As a result, production cost shot up by 75 per cent, eroding profit, said Mohsena Hasan, a high official of Summit Power.
The company needs a larg...
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