Padma Oil, a state-owned oil marketer in Bangladesh, saw its profits decline by 18% in the final quarter of 2023 compared to the same period the previous year.

The company’s earnings per share (EPS) also dropped, reflecting the lower profits.

However, for the entire six months of the current fiscal year (July-December 2023), Padma Oil managed a modest 2.4% increase in profits compared to the same period last year. This was attributed to a rise in non-operating income, although net operating cash flow remained negative.

Meanwhile, Padma Oil’s competitor, Meghna Petroleum, experienced a more positive quarter with an 8.6% increase in profits compared to the final quarter of 2022. Meghna’s EPS also saw a healthy bump, and the company maintained positive profits for the entire six-month period.

Looking at the full half-year, both Padma Oil and Meghna Petroleum reported higher profits compared to the previous year. However, the sources of this growth differed. Padma relied on non-operating income, while Meghna achieved organic growth through its core business operations.