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Advanced Chemical Industries (ACI), a leading conglomerate in Bangladesh, has reported a 79 per cent lower profit year-on-year to Tk 16.58 million in the January-March quarter this year due mainly to higher finance costs.
ACI logged Tk 80 million in profits in the January-March quarter last year.
However, the company remained in the red, suffering a loss of Tk 475 million in nine months through March this year as against a loss of Tk 372 million in the same period a year before, according to its unaudited financial statements published on Monday.
The company blamed higher borrowing costs due to interest rate hikes as it increased spending for supporting business growth.
ACI’s net finance costs jumped 27 per cent year-on-year to Tk 4.72 billion in the nine months to March this year.
The company produces various pharmaceutical products, consumer goods, vehicles, and food items while also operating a retail chain and providing healthcare services.
Listed in 1976, its stock price closed at Tk 140.70 on Monday, losing 2.22 per cent over the previous day.