Bangladesh Building System’s profit jumps on gains from stock sale

Bangladesh Building System’s profit jumped significantly to Tk 23.14 crore in the first nine months of the current fiscal year on gains from the sale of shares in its associated company.

The maker of pre-engineered steel structures, which listed on the capital market in 2013, posted a profit of Tk 1.55 crore in the same period of the previous financial year.

It has also seen its revenue increase thanks to increased demand for the product, sources within the company said.

According to unaudited financial statements, in the January to March quarter, its profit rose to Tk 7.53 crore from a net loss of Tk 1.89 crore a year ago due to the Covid-19 pandemic. 19.

Revenue jumped 37% to Tk 30.51 crore from Tk 22.28 crore in the same quarter of FY 2020-21.

According to its semi-annual financial statements, during the July-December period, the company earned Tk 13.85 crore from the sale of its associate’s shares.

In the third quarter, it also sold a significant portion of the shares of BBS Cables – an associated company of the company – through the stock exchange.

But Bangladesh Building Systems did not disclose how much the company earned.

The main activities of the company are manufacturing and marketing of pre-engineered steel buildings in Bangladesh to meet the growing demand especially in the industrial sector.

In the 2020-2021 fiscal year, the company suffered a loss due to a decline in its other income and non-operating income, and an increase in expenses during the pandemic.

It deals with pre-engineered steel buildings like factories, warehouses, halls, workshops, aircraft hangars, office buildings, commercial showrooms, distribution centers, supermarkets, restaurants and residential buildings.