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Walton Hi-Tech Industries made a turnaround in the first quarter of FY24, with a profit of Tk 2.02 billion, as the devaluation of the taka against the dollar slowed down.
It had reported a loss of Tk 0.46 billion for the same quarter of the last fiscal year.
The country's largest consumer electronic brand reported a profit of Tk 6.67 per share for July-September, as opposed to a loss of Tk 1.52 per share for the same period a year ago, according to a stock exchange filing on Thursday.
Walton said it was able to minimise cost and gain higher operating profit as finance cost had come down in the quarter, compared to the year before.
According to the stock exchange filing, the operating profit margin during the period jumped 22.58 per cent year-on-year.
Finance cost was 5.22 per cent of sales revenue in Q1, FY24, whereas it was a whopping 21.81 per cent in Q1, FY23.
Finance cost during the period was significantly lower than the corresponding period last year since the taka lost value at a slower pace this year compared to the previous year, the company said.
The company suffered foreign currency losses amounting to Tk. 1.89 crore in the first quarter of FY24, down from Tk. 262.46 crore a year earlier, according to the stock exchange filing.
The net asset value per share stood at Tk 248.88 for the first quarter of FY24.
The net operating cash flow per share (NOCFPS) went down to Tk 16.68 for the first quarter of FY24, from Tk 36.44 a year ago.
Meanwhile, the stock has remained stuck at Tk 1,047.70 since August last year.