Walton gets severe blow in July-Sept as consumers' purchasing power erodes
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Dhaka, Nov. 8 -- Walton Hi-Tech Industries PLC, the most valued local company in terms of market capitalisation, went into the red in the first quarter of the fiscal 2022-23, ended in September, for costlier raw materials and soaring inflation bringing down the purchasing power of customers.
It endured a loss of Tk 461 million in the quarter as sales of electronic goods and home appliances dropped 13 per cent year-on-year to Tk 14.78 billion, striking a blow to the company that had gained remarkable growths every year until now.
The company made a profit of Tk 2.81 billion in the same period last year.
Apart from the increase in prices of raw materials, higher freight cost, vulnerable market condition and devaluation of local currency ...
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