The consolidated net profit of MJL Bangladesh rose 14.41 percent year-on-year to Tk 67 crore in the third quarter of the current fiscal year. However, net profit after tax on solo basis declined 0.96 percent year-on-year to Tk 57 crore in the quarter, the company said in a statement.

“Deferred tax of the newly procured ocean-going vessel coupled with the soaring borrowing cost eroded the increased gross profit of MJLBL, thereby weakening the solo basis net profit after tax,” said Sabbir Ahmed, head of finance and planning at MJL Bangladesh.

Gross profit on solo basis increased 0.35 percent year-on-year to Tk 87 crore in the January to March period.

The company disclosed the information at a programme at a hotel on Monday. The company's consolidated net revenue posted a 21.59 percent year-on-year growth to Tk 438 crore. However, net revenue on solo basis declined 1.46 percent to Tk 213 crore in the same period.

Consolidated gross profit was recorded at Tk 130 crore in the quarter, up 29.63 percent year-on-year.

MJL's earnings per share soared 8.95 percent year-on-year to Tk 2.13 in the quarter, taking the first nine months' EPS to Tk 5.12. The company is at the final stage to buy over 53 bighas of land, including an industrial complex on the bank of the Shitalakshya, in Narayanganj at Tk 97 crore as part of an expansion plan.

“This will surely keep us ahead of others while making future expansion of MJLBL and its subsidiaries,” said M Mukul Hossain, CEO of MJLBL.

“We will be able to reap the benefits of it once the expansion is made,” Hossain said.

MJL Bangladesh is a joint venture company between state-run Jamuna Oil Company and EC Securities Ltd, a subsidiary of East Coast Group.