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Bata Shoe Company (Bangladesh) has endured a loss of nearly Tk 97 million in the second quarter through June this year, as the sales dropped amid persistent economic and political instability.
The multinational shoe manufacturers suffered a loss of Tk 7.05 per share in the quarter to June as against profit of Tk 13.73 per share in the same quarter last year.
Its second quarter sales plummeted 40 per cent year-n-year to Tk 1.58 billion as against Tk 2.62 billion in the same quarter last year.
Its half-yearly profit also fell by 27 per cent to Tk 272 million while sales dropped 5 per cent to Tk 5.17 billion in January-June period this year.
Revenue and earnings per share (EPS) has been impacted by exceptional circumstances, said the company in its earnings note.
“Several retail locations were affected by acts of vandalism, which disrupted operations and had a material impact on financial performance. These events, while unprecedented, highlighted the company’s resilience and the strength of its stakeholder relationships,” said the company.
Bata Shoe declared a record 445 per cent cash dividend for 2024, highest since its 1985 stock market listing, despite 26 per cent profit drop.
Its stock price advanced 0.62 per cent to Tk 921.3 on Wednesday.