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Doreen Power Generations and Systems Ltd reported 66 per cent lower profit year-on-year in third quarter (Q3) for January-March of FY23 due to significant increase of exchange loss in foreign currency transitions.
The power generation company made a consolidated profit of Tk 187 million in January-March quarter, down from Tk 547 million in the same quarter last year.
Earnings per share decreased to Tk 1.03 in March quarter as against Tk 3.02 in the same quarter a year ago, thanks to significant increase of exchange loss in foreign currency transactions incurred by subsidiary companies for significant devaluation of taka the dollar, said the company.
The cost for furnace oil, the fuel used to generate electricity, soared during the period, said the company.
However, the company incurred a loss of Tk 223 million in the immediate past second quarter for October-December 2022.
Its nine months profit for the FY23 through March also dropped 76 per cent to Tk 324 million.
Listed in 2016, its share has been stuck at floor price at Tk 61 each since November 8 last year.
Incorporated in August 2007, Doreen Power supplies 110 megawatts of electricity to Bangladesh Power Development Board and Bangladesh Rural Electrification Board from its five plants under an agreement with the government.