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“These two items account for almost all the decline in net profit.”

In the six months to December in 2022, the company’s manufacturing costs rose by Tk 21 crore because of power and fuel price hikes while its travel and freight spending increased by more than Tk 10 crore and international freight spending by Tk 4 crore, Alam said.

Moreover, Renata increased raw materials inventory by Tk 247 crore to ensure the drugmaker’s protection against dollar shortages in the near future, he said.

The stock build-up and increased expenditures as outlined earlier adversely affected Renata’s cash-flow, he added.

“Despite these disappointing results, the company remained financially strong and therefore we intend to stay focused on our long-term strategic goals,” he added.