Shipping Corp’s profit grows 23% in Jan-Mar
Its net revenue grew by 14% year-on-year to Tk123 crore
The Bangladesh Shipping Corporation (BSC), a state-owned oceangoing vessel management authority, has reported a 23% year-on-year growth in profit to Tk62 crore in the January-March quarter of 2023 as its income from lighterage ships significantly jumped.
According to unaudited financial statements, its net revenue grew by 14% to Tk123 crore compared to the same period last year.
The lighterage ship segment of the corporation has contributed Tk30.44 crore, experiencing an increase from Tk14 crore. However, the revenue from its charter ships has declined by 8% to Tk65 crore due to one ship getting damaged amidst the Russia-Ukraine war.
Also, its service revenue grew by 23% to Tk27.87 crore.
In the first nine months of the fiscal 2022-23, the corporation's revenue jumped by 10% to Tk369.59 crore, and profit by Tk1.73% to Tk190 crore, according to BSC's statement.
Mohammad Ashraful Amin, general manager (Admin) of BSC, told The Business Standard, "Revenue and profit jumped compared to the previous year, due to mainly a significant jump in the income from lighterage ships."
"Now, the demand for oil tankers has increased, and the fare has also jumped. So, the revenue of the lighterage ships, which carry oil from mother vessels, saw a jump. Earlier, in the previous year, the demand for bulk carriers was good, but the demand is declining now. On the contrary, the demand for oil tankers has increased, which has contributed to BSC's revenue," he added.
In the last fiscal year, BSC made a profit of Tk225.80 crore, which is 213% higher than the previous year.
In FY22, it paid a 20% cash dividend to its shareholders. The dividend stood at 12% in the previous fiscal year.