Bangladesh Submarine Cable PLC has revised its financial statements for the first and second quarters of the 2024-25 financial year, citing miscalculations in its previously reported figures.
According to the updated financials published on the Dhaka Stock Exchange website on Thursday, total revenue and profit after tax declined in the first half of FY25 compared with those in the same period of the financial year.
According to the revised report, total revenue for July-December period of 2024 stood at Tk聽1,950.48 million, a 19 per cent drop from Tk聽2,410.93 million from that of the same period of 2023.
Net profit after tax for the reporting period declined to Tk聽922.11 million, down from Tk聽1,277.76 million in the corresponding period of the previous year.
For the October-December quarter of 2024, BSCPLC reported revenue of Tk聽968.85 million, down from Tk聽1,251.55 million in Q2 of 2023. Net profit after tax for the quarter decreased to Tk聽475.57 million from Tk聽640.11 million in the same period of the previous year.
According to the revised financials, the company鈥檚 basic earnings per share for Q2 of 2024 were Tk聽2.32, down from Tk. 3.15 (restated) in Q2 of 2023.
For the July-December period of 2024) basic EPS fell to Tk聽4.93 from Tk聽6.83.
Diluted EPS also declined to Tk聽2.12 for Q2 of 2024, compared with that of Tk聽2.91 in Q2 of 2023.
Similarly, for July-September quarter of 2024, the basic EPS was been revised to Tk聽2.54, lower than that of Tk聽3.42 (restated) in Q1 of 2023.
The diluted EPS for Q1 of 2024 stood at Tk聽2.33, down from that of Tk聽3.22 in Q1 of 2023.
The net asset value per share as of December 31, 2024 was Tk聽83.41, down from that of Tk聽93.06 as of June 30, 2024.
BSCPLC attributed the revisions to calculation errors in the disclosures.
Investors and market analysts will be closely watching the company鈥檚 future performance amid the declining financial trends.
