Poorly performing Phoenix Finance and Investments Restricted incurred a loss as gigantic as Tk80.61 crore within the April to June quarter of 2023, which was 69 instances the loss incurred in the identical quarter earlier 12 months.
Within the second quarter of 2022, the non-bank monetary establishment (NBFI) turned a lack of Tk1.16 crore.
In its inventory alternate submitting on Sunday, the NBFI held year-on-year will increase within the provision of loans, advances, and investments, and revenue earlier than provision accountable for such an enormous mounting of web loss throughout this 12 months’s second quarter.
Additionally, the corporate didn’t suggest any dividend for the 12 months that ended on 31 December, 2022.
Phoenix Finance’s Firm Secretary Mohammad Sayduzzaman couldn’t be reached over cellphone for a remark concerning the quarterly loss.
On this 12 months’s April to June quarter, the corporate’s loss per share stood at Tk4.86, which was Tk0.07 a 12 months in the past.
Within the first half of 2023, the online loss stood at Tk223.43 crore, which was a revenue of Tk0.17 crore in the identical interval of 2022. Web working money move per share stood at a unfavorable Tk1.53.
The NBFI mentioned within the disclosure that its web working money move per share decreased due to a decline in money era from phrases and different deposits.
In line with Bangladesh Financial institution knowledge, the categorised mortgage of Phoenix Finance stood at Tk638 crore on the finish of June 2023, which was round 23.42% of its complete disbursed loans.
Phoenix Finance’s shares are caught on the ground value of Tk16.30 on the Dhaka Inventory Trade.
Phoenix Group of Industries and Pakiza Group dominate the corporate’s board of administrators.
As of 31 August 2023, sponsors and administrators collectively held 30.51%, institutional traders 23.63%, and most of the people 45.86% of the corporate’s shares.