GPH Ispat Ltd suffered losses in the second quarter of the current financial year owing to the significant depreciation of the local currency and the power shortage that raised the cost of production.

GPH Ispat Ltd’s profit fell more than 18 per cent year-on-year to Tk 149.39 crore in the financial year that ended on June 30.

By installing modern water harvesting system through preservation of rainwater for its industrial water supply, Bangladesh’s leading steel manufacturer GPH Ispat has shown its commitment to protecting the environment.

GPH Ispat begins commercial production in its Tk 2,390 crore plant to produce MS billet and rod today, which fuelled the company’s share price to instantly see a 2.47 per cent rise in the stock market.

The Chattogram-based GPH Ispat Ltd has constructed a makeshift dam on a stream bordering the Jangal-Bashbaria reserve forest in Sitakunda to secure water supply to its new factory.