Western Marine Shipyard earnings drop 68.72%, offers dividend

The board of directors of Western Marine Shipyard Limited has recommended a 0.5% cash and 2.5% stock dividend for 2019-20 fiscal year, even though the company’s earnings per share (EPS) has dropped by 68.72%. 

In a statement on the Dhaka Stock Exchange (DSE) website on Tuesday, the company reported earnings per share (EPS) of Tk0.86, net asset value (NAV) per share of Tk24.06, and net operating cash flow per share (NOCFPS) of Tk0.52 for FY2019-20 against Tk2.75, Tk30.26 and Tk3.01, respectively, for the same period of the previous fiscal year. 

The company also informed that the bonus shares have been declared out of accumulated profit or share premium, and not from the capital reserve or revaluation reserve or any unrealised gains.

It further mentioned that bonus shares were not offered out of profit earned prior to incorporation of the company, through reducing paid-up capital or through doing anything so that post-dividend retained earnings become negative or a debit balance. 

In its statement, the company also requested the shareholders to update their Beneficiary Owners (BO) accounts with the present mailing address, contact number, bank details and email address with their respective DPs before the record date.

The shareholders bearing folio numbers are requested to update their mailing and email addresses and submit their 12 digit e-TIN certificates to the company's share office at Amin Future Park (7th floor), 1440/A Strand Road, Chattogram, before the record date. 

The record date is December 14. 

Following the corporate declaration, there will be no price limit on the trading of the shares of the company. However, the floor price set by the Bangladesh Securities Exchange Commission (BSEC) will be applicable accordingly.

The annual general meeting of the company is scheduled to take place on December 29 on a digital platform.