Advanced Chemical Industries (ACI), a leading conglomerate in Bangladesh, had plunged into losses during the October-December period of the current fiscal year (FY) mainly due to higher finance costs.

ACI logged losses of Tk 35 crore in the second quarter of FY24 even though the company's sales rose by around 6 percent year-on-year to Tk 3,203 crore at the same time, showed its latest financial statement.

Meanwhile, ACI had registered profits of Tk 36 crore during the corresponding period of FY23.

The company blamed higher borrowing costs rose due to interest rate hikes as it increased spending for supporting business growth.

ACI's net finance costs rose to Tk 156 crore in the second quarter of FY24, up by about 26 percent year-on-year.

The company produces various pharmaceutical products, consumer goods, vehicles and food items while also operating retail chain and healthcare services.

ACI's healthcare segment incurred the highest loss of Tk 144 crore before tax while its concern in the retail chain segment, Shwapno, recorded losses of Tk 84 crore during the October-December period.

On the other hand, its vehicle and pharmaceutical segments notched profits of Tk 130 crore and Tk 55 crore respectively.

As such, stocks of ACI dropped 5.9 percent to Tk 173 per unit at the Dhaka Stock Exchange yesterday.