Bangladesh Services Ltd posts 10 consecutive years of losses

Dhaka : State-owned Bangladesh Services Limited (BSL), the owning company of InterContinen-tal Dhaka, has logged its tenth consecutive year in the red, reporting yet another year of financial slump in fiscal year 2024-25.

According to the company's financial disclosure on the Dhaka Stock Exchange (DSE), BSL incurred a net loss of BDT 87.38 crore during FY25. The company also announced that it would not pay any dividend for the year, continuing a dividend freeze that has been in place since FY14.

By the end of FY25, the company's accumulated losses had swelled to BDT 705 crore, reflecting the prolonged financial stress it has been enduring.

Despite its prime location and high-profile operations, the company's shares have remained unchanged at BDT 5.20, well below face value, as the government owns 99.68 percent of its stock, leaving very few shares in public hands.

The losing streak has continued into the current fiscal year. In the first quarter of FY26, BSL reported a further loss of BDT 24.28 crore, with a loss per share of BDT 2.48 as of September.

The company's auditor, in its report for FY25, raised concerns about the company's financial sustainability, noting that its current liabilities exceeded current assets by BDT 308 crore. It also pointed out that BSL has a debt-equity ratio of 0.42 and loans totaling BDT 907 crore.

However, the board expressed confidence that the company could continue operations, citing ongoing negotiations with lenders for loan restructuring and interest waivers.