Runner Automobiles achieves Q2 profitability1 min read
Runner Automobiles PLC, a key player in the Bangladeshi automotive industry, has successfully navigated its way back to profitability during the second quarter of the fiscal year 2023-24. According to the latest financial statement released by the company, Runner Automobiles posted a profit of Tk 56.76 lakh in the period spanning October to December. Reportedly, this achievement stands in stark contrast to the corresponding period in the previous fiscal year, where the company recorded a substantial loss of Tk 23.61 crore.
As reported, the positive momentum is reflected in the earnings per share (EPS), which rebounded to Tk 0.05 in the second quarter of 2023-24. This is a notable improvement from the Tk 2.08 negative EPS reported during the same period a year earlier. While celebrating the return to profitability in Q2, it’s important to note that Runner Automobiles faced challenges in the broader fiscal landscape. The company reported a loss of Tk 25.20 crore in the cumulative July-December period of the fiscal year, following a loss of Tk 32.81 crore in the first half of 2022-23.
Reportedly, the consolidated EPS for July-December showed a decline to Tk 2.22 negative, down from Tk 2.89 negative in the previous fiscal year. A closer look at the company’s performance reveals that Runner Automobiles attributes its positive EPS in the second quarter to the significant growth experienced in its three-wheeler business. In response to these financial developments, the company’s shares experienced a 2.41 percent decline, settling at Tk 36.40 as of today.
The Q2 results signal a promising turnaround for Runner Automobiles, showcasing resilience and adaptability in the face of challenging market conditions. As the fiscal year progresses, stakeholders will be closely watching to see how the company continues to navigate and capitalize on emerging opportunities in the automotive sector.
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