Bangladesh Steel Re-rolling Mills (BSRM) reported an increase of 198pc in net profits in nine months ending March 2021 at BDT2.73bn ($32.19mn) compared to the corresponding period in the prior year.
Net sales rose 4pc to BDT42.16bn for the July 2020-March 2021 period. For Q3 (Jan-March) 2021, net sales rose by 4pc to BDT18.71bn from a year ago quarter. Net profit in Q3 has jumped 174pc to BDT1.21bn from Q3 2020.
Profits have surges in Q3 and for the nine months period ending March owing to higher sales and a decline in operating costs, says the company. Demand for steel picked up, which coincided with interest rates being dropped by the government.
BSRM is one of the biggest steel manufacturers in Bangladesh with an annual capacity of 2mn mt of MS billets and 1.6mn mt of re-rolling steel. The company’s total capacity can reach 4.1mn with the new factory under operations.