Crisis-ridden Bishal Bazaar reports 22.5% drop in net profit by Q3

ShareSansar, June 22:

In less than a month after publishing its second quarterly report, Bishal Bazaar Company Limited has come up with its financial statement for the third quarter today, as per which it has posted 22.5 percent drop in net profit.

One of the oldest supermarkets of the country has stated that its profit has dropped from Rs 2.94 crore in the corresponding quarter of the last fiscal year 2069/70 to Rs 2.40 crore by the end of the third quarter.

As in the second quarter, the profit of the company, which is under the scanner of the Commission for Investigation of Abuse of Authority, was stunted by its falling operational income. Its operational income has dropped drastically from Rs 4.52 crore to Rs 3.36 crore by the third quarter.

The CIAA has filed a corruption case against eight Board of Directors of the company, including its Chairperson in connection with a scam involving the rent of the stalls in the supermarket.

However, the company has stated that its business is satisfactory, though it has cited power crisis and inadequate parking space in and around the supermarket for the fall in business.

In view of the rent scandal, Bishal Bazaar has also expressed commitment to remain active when it comes to corporate good governance and transparency of the financial deals.

Bishal Bazaar had reported marginal net profit rise of 1 percent in its unaudited financial report for the second quarter last month.

Despite the recent problems, Bishal Bazaar’s EPS stands at 48.10, net worth per share at 488.58, P/E ratio at 38.70.