State-owned Bangladesh Shipping Corporation (BSC) has witnessed a year-on-year drop in both revenue, generated from renting out its seven vessels, and associated profit in the first nine months of this fiscal year of 2023-24.

Officials attributed it to five of the seven vessels remaining out of operation for most of the period for routine maintenance and repairs.

In the latest July-March period, the revenue amounted to Tk 346.49 crore, according to financial statements shared by the BSC officials with this newspaper yesterday.

This was a 6.25 percent fall from the Tk 369.59 crore generated during the same period of the previous fiscal year of 2022-23.

Subsequently, Tk 173.71 crore was generated as profit in the three quarters whereas it was Tk 236.90 crore in the same period of the preceding fiscal year, meaning a decrease of 26.67 percent.

These caused earnings per share (EPS) to plunge around 12 percent, according to the BSC's disclosure on the Dhaka Stock Exchange (DSE) website.

The latest EPS is at Tk 11.05 whereas the preceding one Tk 12.49.

The profit was lower this time around solely due to the fact that five out of the seven vessels were almost out of operation during the last six months, said a BSC official requesting anonymity.

The remaining two lighter vessels, which are used to move cargo between mother vessels out at sea and the port, generated most of the revenue, he said.

Ships are usually taken to dry docks once every five years for inspections and maintenance, such as for the hulls to be cleaned, coatings of anti-corrosive and anti-fouling paints and ensuring performance of important components, he said.

The price of the BSC shares increased by 4.16 percent from that on the previous day of trade to close at Tk 120.30 yesterday.