RAK Ceramics (Bangladesh) Ltd reported a net loss of Tk 146.7 million for the July-September quarter of 2024, marking a sharp decline from the previous year’s performance.

The company’s earnings per share dropped to a loss of Tk 0.35, compared to a positive Tk 0.29 per share in the same period last year, according to a disclosure on the Dhaka Stock Exchange (DSE) website.

The ceramics manufacturer attributed the losses primarily to a persistent demand-supply imbalance caused by underutilized plant capacity resulting from inconsistent gas supplies from the national grid. The company’s share price reacted strongly to the news, falling 9.42 percent to Tk 20.2 as of 12:04 pm today at the DSE.

RAK Ceramics further cited disruptions from political unrest during the third quarter, which negatively impacted production and sales. For the first nine months of 2024, RAK Ceramics also posted a cumulative loss per share of Tk 0.26.

Additionally, the company reported a negative net operating cash flow per share (NOCFPS) of Tk 0.37, a result of prioritizing vendor liabilities despite weakened sales and collections.