Beximco sees profits slide in “difficult year”
Monday, May 12, 2008
Rising costs of raw materials hit profits at Beximco Pharmaceuticals last year despite the company’s efforts to open up new markets.
Net sales in the year to 31 December 2007 fell by 2.8% to Tk. 3,597.0m (£26.9m) with pre-tax profit down by 23.6% to Tk. 399.7m (£3.0m).
However, the company said it had maintained its domestic market share and had expanded in nine new international markets during the year
Nazmul Hassan chief executive of the AIM-listed Bangladesh, said 2007 had been a “very difficult” year for Beximco but that 2008 was going to be a challenging and exciting year.
He said: “We are looking forward to a better business environment and financial performance in 2008 and beyond, with a particular view to establishing ourselves as a true international company with much improved performance in the overseas markets.”
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