Best Holdings sees 32% rise in profit

Best Holdings, which operates five-star hotel Le Méridien Dhaka, registered a 32 percent year-on-year growth in profit in the July-March period of the current fiscal year of 2023-24, attributing it to an increase in occupancy.

The profit amounted to Tk 105.31 crore, according to its unaudited financial statements.

It was Tk 79.62 crore in the same nine months of the previous fiscal year of 2022-23.

The company's revenue increased by 25 percent in the first three quarters of the current fiscal year due to a rise in occupancy, Company Secretary Abul Kalam Azad told The Daily Star yesterday.

During the period, the company generated Tk 299.38 crore in revenue.

It was Tk 239.57 crore during the same period of the previous fiscal year.

Against this backdrop, the company's earnings per share stood at Tk 1.10 in the first nine months of this fiscal year.

It was Tk 0.86 during the corresponding period of the previous fiscal year.

Shares of the company closed at Tk 38.80 at Dhaka Stock Exchange yesterday, decreasing by 2.27 percent from that on the previous day of trade.

The hotel currently has 304 rooms and the company is constructing another 58 with a target to complete the work within the next six months. This will substantially augment revenue generation, said Azad.