SS Steel Limited suffered a massive 97 percent fall in its year-on-year profit in financial year 2022-23 which ended in last June.

Its net profit stood at Tk 1.6 crore, according to data the company made available on the Dhaka Stock Exchange (DSE) website yesterday.

Though not publishing its full financial statement in its website, the steel bar producer reasoned that its production costs had risen significantly because of higher prices of raw materials, utility costs and devaluation of the taka against the US dollar.

It reported earnings per share (EPS) of Tk 0.05 whereas it was Tk 1.87 in the previous year, according to its disclosure.

Shares of SS Steel remained unchanged at Tk 16.60 at the DSE yesterday.