GP profits soar GP's third quarter profit has risen by 82%, but the corporate behemoth reported a 16% decrease of cumulative profit over the last nine months.

GP profits soar GP’s third quarter profit has risen by 82%, but the corporate behemoth reported a 16% decrease of cumulative profit over the last nine months.

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GP profits soar GP’s third quarter profit has risen by 82%, but the corporate behemoth reported a 16% decrease of cumulative profit over the last nine months.
“But the company’s performance in the next quarter is uncertain primarily because of the political turmoil in the country,” GP’s CEO Vivek Sood told media persons on Saturday.

The company managed to cut down on operating costs, improve revenue and reported gain from 51% sale of GPIT stake, a wholly owned subsidiary of the company.

Vivek Sood said the company reported a net profit of TK 5.74 billion in the July-to-September quarter, up from TK 3.16 billion during the same period last year.

Net profit rose to a TK 2.58 billion during the quarter.

But GP’s profit over the last nine months decreased by TK 2.11 billion or by 16% over the previous year.

Net profit stood at TK 12.82 billion for nine month last year, but fell this year to TK 10.71 billion.

GP CFO Mohammed Mainur Rahman Bhuiyan blamed this decline in profit to “higher tax”.

GP is the marker leader in the country’s telecom sector with nearly 41% market share with close to 46 million subscribers.

Analysts say GP is the biggest mover of the Bangladesh capital market accounting for nearly 10% market capitalization of the total DSEX market. – bdnews24.com

 

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