Premier Cement Mills continues to report losses in FY22-23

Bangladesh cement producer Premier Cement Mills (PCM) announced its financial results for the Fy22-23, which ended 30 June 2023, a week before. It reported a loss after taxation of BDT842m (US$7.65m) against a deeper loss of BDT1.32bn incurred during the same period last year. The loss can be attributed to the high cost of raw materials during this period despite increased revenue.

PCM’s net sales increased to BDT21.83bn from BDT14.23bn. Similarly, the cost of sales rose to BDT19.81bn from BDT12.96bn during this period. The administrative expenses increased to BDT157m from BDT120m during this period. The company incurred a higher distribution cost of BDT751m against BDT573m.

The company claims that it is growing faster than all its competitors. Its commercial production started on 12 March 2004 with its first unit having a production capacity of only 0.6Mta and now stands at 8Ma.