Ifad Autos’ profit plunges

Ifad Autos said its profit slumped 41 per cent year-on-year to Tk 24.6 crore in the July-December period of the current fiscal year owing to its increased operational cost.

The auto marketer recorded Tk 41.9 crore in earnings in the six months of the financial year 2020-21.

The earnings per share of Ifad dipped to Tk 0.97 in the July-December period of the current financial year from Tk 1.66 during the corresponding period of 2020.

The company's sales grew marginally to Tk 413 crore in the six months to December 2021 from Tk 412 crore in the previous year

Md Sazzad Hossain Talukder, company secretary of Ifad Autos, said revenue did not increase significantly owing to the pandemic. A rise in its operational cost also affected the earnings of the company, he said.