Local media reported that Bangladesh Steel Re-Rolling Mills Limited and BSRM Steels Limited have suffered losses in July-September quarter of 2022-23 due to the increase in foreign currency conversion rate, the shortage of power supply and the rise in production costs. BSRM - BDT 164.52 crore as compared to profit BDT 128.09 last yearBSRM Steels – BDT 34.96 crores as compared to profit of BDT 108.65 crore last yearThe taka lost its value by 15% against the US dollar on the interbank foreign exchange market of the Bangladesh Bank during the first quarter amid the depletion of foreign currency reserves, hitting importers since they had to pay more to purchase raw materials and equipment from external sources. Factories also faced frequent power outages because of the lower supply of gas which forced them to cut their output. Thus, earnings fell for many companies.
Local media reported that Bangladesh Steel Re-Rolling Mills Limited and BSRM Steels Limited have suffered losses in July-September quarter of 2022-23 due to the increase in foreign currency conversion rate, the shortage of power supply and the rise in production costs. BSRM - BDT 164.52 crore as compared to profit BDT 128.09 last yearBSRM Steels – BDT 34.96 crores as compared to profit of BDT 108.65 crore last yearThe taka lost its value by 15% against the US dollar on the interbank foreign exchange market of the Bangladesh Bank during the first quarter amid the depletion of foreign currency reserves, hitting importers since they had to pay more to purchase raw materials and equipment from external sources. Factories also faced frequent power outages because of the lower supply of gas which forced them to cut their output. Thus, earnings fell for many companies.
