After clocking losses for more than a decade, the state-owned Maddhapara mining company finally looks for better days ahead.
Maddhapara Granite Mining Company Ltd (MGMCL) has, in fact, recorded a profit in the past two financial years for the first time since it began commercial operations in 2007, and is likely to end the current fiscal with flying colours too.
The company made a profit of Tk 7 crore in 2018-19 and Tk 22 crore in 2019-20 after reporting losses for 11 years, according to its latest annual report.
In the previous fiscal, the company produced a whopping 1.67 million metric tonnes (MT) hard rock and sold 721,000 MT at Tk 163.14 crore. Similarly, it produced 823,000 MT and sold 863,000 MT at Tk 207.81 in 2018-19.
Officials at MGMCL claimed the mine is expected to cross a benchmark of Tk 50 crore in its profit margins at the end of the current financial year.
"Our target was a profit of Tk 100 crore in this fiscal, but the pandemic forced us to suspend operations at the mine for about five months, from March 26 to August 12 in 2020, and cut down on our expectations," a senior official told UNB.