Profits of listed pharmaceutical companies in Bangladesh shrank in the last fiscal year of 2022-23, the first decline in at least five years, as the cost of production went up.
Profits of Renata Ltd, a major player among listed drug makers in Bangladesh, rebounded in the first quarter of the current fiscal year as the company's revenue growth doubled during the period.
Pharmaceutical exports from Bangladesh shrank 7 per cent year-on-year in fiscal 2022-23 due to the impacts of global economic crises and subsequent US dollar shortage in most underdeveloped countries.
Most of the listed pharmaceutical companies in Bangladesh logged lower profits despite higher sales in July-March of the current financial year owing to a spike in the cost of production.
Renata witnessed strong growth in sales in between July 2022 and March 2023 although the pharmaceutical company posted a fall in profits in the period thanks to higher inflation, rising cost for energy and borrowing and foreign exchange losses.
Renata witnessed strong growth in sales in between July 2022 and March 2023 although the pharmaceutical company posted a fall in profits in the period thanks to higher inflation, rising cost for energy and borrowing and foreign exchange losses.
Pharmaceutical company Renata Ltd witnessed a 35 per cent year-on-year drop in net profit in the October-December period due to increased price of raw material generated by the dollar crisis.