M I Cement reports negative earnings, still declares 10% dividend

M I Cement’s earnings have gone into negative territory because of declining demand amid the Covid-19 pandemic.

Earnings per share (EPS) of the cement maker went down to negative Tk 0.89 in 2019-20 fiscal year (FY) as against Tk 1.69 for the same period of the previous FY.

Yet, the company, however, still managed to recommend a 10 percent cash dividend for the 2019-20 FY.

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

In a statement posted in Dhaka Stock Exchange (DSE), the company reported net asset value (NAV) per share of Tk 46.38 and net operating cash flow per share (NOCFPS) of Tk 3.69 for 2019-20 FY, as against Tk 48.22 and Tk 1.80 respectively for the same period of the previous FY.

The company further informed that it incurred loss during 2019-20 FY and the cash dividend has been recommended from the amount of retained earnings.