Business Desk :
Olympic Industries, a leading biscuit maker, said its earnings slumped to the lowest in six-year suffering an increase in the cost of raw materials.
The maker of popular biscuit brands such as Energy Plus and Tip registered Tk 72 crore in net profits in the July-December period of 2021, down 33 per cent year-on-year, according to its half-yearly financials.
“Cost of raw materials has increased a lot,” said Company Secretary Md Nazimuddin.
The company said its revenue from sales rose 11 per cent year-on-year to Tk 1,035 crore in the July-December period of 2021.
Cost of sales of the biscuit and confectionary maker shot up 18 per cent to Tk 786 crore in six months to the end of December 2021 from that in the previous year.
Besides, the Olympic’s administrative and sales expenses rose 23 per cent during the period, which altogether affected its operating profit.
