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Walton returns to profit in Q1

Walton Hi-Tech Industries PLC saw its profits bounce back in the first quarter of the current fiscal year mainly due to lower finance costs.

Walton, a powerhouse in the local market for consumer electronics, logged profits of Tk 202 crore in the July-September period of 2023-24. It incurred losses of Tk 46 crore during the same period the previous year.

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Subsequently, its earnings per share stood at Tk 6.67 in the quarter while it was Tk 1.52 in the negative previously.

The company's directors approved its quarterly financial report at a board meeting yesterday.

In a disclosure, Walton said finance costs in the July-September period were significantly lower thanks to the slower depreciation of the taka against foreign currencies such as the US dollar and the euro.

The company suffered foreign currency losses amounting to Tk 1.89 crore in the first quarter. It was Tk 262.46 crore during the corresponding period of 2022.

Walton's shares traded at Tk 1,047 on the Dhaka Stock Exchange yesterday.