An inflated profit of roughly 15 crore taka has been reported by the stock market-listed authorities of MJL Bangladesh (MJL BD). This information was provided by the auditor during the company’s financial account audit.
According to the Labor Act, a fund must be established annually at a rate of 5% of pre-tax profit, the auditor stated. it must be shared among the employees. The MJL BD authorities, however, have not established such a fund.
As a result, MJL BD reported a profit in fiscal year 2023–2024 at around 14 crore 60 lakh taka. With the prior years included, the corporation has demonstrated a profit of almost 135 crore 95 lakh taka thus far.
The profit per share for the fiscal year 2023–2024 has been found to be 0.46 taka higher due to this inflated profit.
It should be mentioned that MJL BD, which went public on the stock exchange in 2011, has 316 crore 75 lakh taka in paid-up capital. 28.48 percent of this is owned by investors from different stock market categories, excluding directors and entrepreneurs. The price of the company’s shares on Saturday, February 15, was 99.60 taka.
