Walton saw lower earnings in the January to March 2022 quarter due to the raw materials crisis and rising shipping costs globally.
Its earnings per share (EPS) fell to Tk 12.34 in the third quarter of 2021-2022, from Tk 12.92 in the same period last year.
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In the nine months from July 2021 to March 2022, the local electronics, electrical and appliance maker’s EPS fell around 21% to 27.07 Tk, or 34.26 Tk during the same period of the previous year.
However, Walton’s board today approved the quarterly financial statements at a board meeting.
Earnings fell in the third quarter as the global commodity market faces tough times and their prices rose, said Md Rafiqul Islam, general secretary of Walton Hi-tech Industries.
“Shipping costs have also increased over the past few months, so our costs have increased while prices for finished products only increased last January,” Islam said.
Walton has already raised prices for finished goods, so the pace of declining earnings has slowed in the third quarter and the impact of higher product prices will be felt in future quarters, he said. he adds.
At the same board meeting, Walton decided to buy a 588 decimal plot at a cost of Tk 44 crore and excluding registration fees. The land would be used for business expansion.