The Peninsula Chittagong financial analysis: BDT 2.9bn Airport Garden build, BDT 2.1bn term loans, 49% occupancy (Oct 2026)

Investment considerations: a new hotel funded with bank debt, and an operating hotel whose FY2025 revenue fell 15%

The Peninsula Chittagong PLC owns and runs one operating hotel, The Peninsula Chittagong, at the GEC circle of Chattogram. The company describes it as "a service oriented hotel combining business with comfort" and its directors' report calls it a "four- star luxury business Hotel in Chittagong" [1 p.11] [1 p.23]. The hotel started commercial operation on 17-Feb-2006; the shares were listed on the DSE on 4-Jun-2014 after an initial public offering of 55,000,000 shares [1 p.60]. The company reports one business and geographic segment and has no subsidiary; every figure in this note is on the company basis [1 p.87] [1 p.41]. The fiscal year ends on 30 June.

The accounts show two items. The first is a second hotel, Peninsula Airport Garden at Plot no 2190, Naval Academy Road, South Patenga, which the auditor describes as a "new hotel building" [1 p.52]. Capital work in progress for it was BDT 2,540.1m at 30-Jun-2025 and BDT 2,870.6m at 31-Mar-2026, equal to 48.3% of total assets [1 p.73] [2 p.2] [35]. The second is the debt raised for it: long term loans from Modhumoti Bank PLC and Premier Bank PLC rose from nil at 1-Jul-2023 to BDT 1,456.4m at 30-Jun-2024, BDT 1,851.2m at 30-Jun-2025 and BDT 2,096.0m at 31-Mar-2026 [1 p.79] [2 p.2].

In FY2025 revenue fell from BDT 417.3m to BDT 353.7m, guest-room utilisation from 55.74% to 49.12%, and operating profit (gross profit less administrative and selling expenses) was BDT 25.4m [1 p.57] [1 p.87]. Finance costs in the income statement were BDT 62.8m [1 p.57]. Net profit after tax was BDT 7.0m (EPS BDT 0.06), and the income statement includes a BDT 51.4m non-operating credit labelled "Reverse/adjustment by BESBL (Negative equity)"; profit before tax less that credit is BDT -23.3m (derived) [1 p.85] [35]. The Chairman's letter states: "The highlight of the year's achievement has been the growth of non-operating income, which has continued to support overall profitability" [1 p.18].

Business and story: one Chattogram hotel, fixed-deposit income that fell away, and a second hotel under construction

The company was incorporated on 25-Jul-2002 as Voyager Bangladesh Limited, renamed The Peninsula Chittagong Limited on 7-Jun-2010, converted to a public company on 30-Nov-2010 and renamed The Peninsula Chittagong PLC in March 2024 [1 p.60]. The two pages give different dates for the last change: 6-Mar-2024 on the company profile page and 16-Mar-2024 in note 1.01 [1 p.11] [1 p.60]. The founders named on the opening page are Dr. Golam Arshad and Salima Begum [1 p.2]. The registered office and the hotel are at Bulbul Center, 486/B, O.R. Nizam Road, CDA Avenue, Chattogram; the company also has a Dhaka office at Panthapath [1 p.11].

The hotel sells rooms, food and beverage, minor operating departments and a small amount of space rent [1 p.82]. Note 1.04 lists "fitness centre, a luxurious oasis within the hotel with gymnasium, swimming pool, sauna, steam bath and massage treatments" [1 p.60]. Capacity in the service note is 52,560 guest room-nights a year, which implies 144 rooms (52,560 / 365, derived) [1 p.87] [35]. The directors' report names corporate and project travel and MICE clients as the demand it serves [1 p.23] [1 p.19].

Over eight years the business has had three phases. From FY2018 to FY2020 the company carried large fixed deposits: "Other Income" (the five-year table's name for finance income) was BDT 93.6m in FY2018 and BDT 82.0m in FY2019, more than operating profit in FY2018 [5 p.24]. Net profit after tax peaked at BDT 103.6m in FY2019 [5 p.25]. Finance income fell in each year from FY2019 to BDT 4.3m in FY2024, and financial expenses rose from BDT 15.0m (FY2019) to BDT 74.1m (FY2024) [5 p.24] [1 p.26]. In the third phase, FY2023 to FY2025, the company built Peninsula Airport Garden: capital work in progress grew from BDT 977.5m at 1-Jul-2023 to BDT 2,540.1m at 30-Jun-2025 [1 p.73].

The statement of utilisation of IPO proceeds reads: "Total IPO proceeds of Taka 1,650,000,000. IPO proceeds amounting to Taka 117,04,45,446/-Fully utilized as on 30 November 2023 and remaining works finished by Own Fund/Bank Finance. As on 30 June PAG Utilized total Taka 254,00,80,268 /-" [1 p.24]. The BDT 2,540,080,268 printed there is the same figure as the capital work in progress balance at 30-Jun-2025 [1 p.73]. Note 41.02 states: "The company has no capital expenditure commitment at the reporting date" [1 p.87].

Revenue: food and beverage is the larger line, and room-nights sold fell 11.9% in FY2025

Revenue has four printed lines. In FY2025 rooms were BDT 122.2m (34.5% of revenue), food and beverages BDT 205.0m (58.0%), minor operating departments BDT 25.1m and space rent BDT 1.4m [1 p.82] [35]. Food and beverage is the larger line in both years printed. Room revenue fell 12.6% and food and beverage revenue fell 17.3% from FY2024 [35]. The managing director's letter attributes the FY2025 revenue decline "mainly" to "reduced room occupancy and lower event income" [1 p.19].

The capacity note gives utilised guest room-nights. Utilisation was 51.15% in FY2021, 58.52% in FY2022, 55.74% in FY2024 and 49.12% in FY2025 [6 p.36] [1 p.87]. FY2025 utilised room-nights were 25,817, from 29,297 [1 p.87]. Room revenue per utilised room-night was BDT 4,769 in FY2024 and BDT 4,732 in FY2025 (derived), and room revenue per available room-night was BDT 2,658 and BDT 2,325 [35]. The DSE post on the nine-month results gives an occupancy rate of 57.23% for July 2025 to March 2026 [7].

Revenue growth over the eight years was uneven: FY19 19.6%, FY20 -10.6%, FY21 -10.1%, FY22 22.7%, FY23 21.6%, FY24 10.1%, FY25 -15.2% [35]. Revenue in FY2025 (BDT 353.7m) was 11.9% above FY2019 (BDT 316.1m) [5 p.24] [1 p.26] [35]. The business-risk paragraph of the directors' report states: "Increased competition from foreign and domestic sources can lead to lower prices, revenues, profit margins, market share etc., which can adversely affect the business" [1 p.24].

Costs and other lines: lower payroll in cost of sales, interest capitalised into the new hotel, and a BDT 51.4m credit

Cost of sales fell from BDT 316.7m to BDT 260.0m in FY2025 [1 p.82]. Salaries, wages, bonus and benefits in cost of sales fell from BDT 87.9m to BDT 64.8m (-26.2%), and cost of materials from BDT 112.4m to BDT 102.6m [1 p.82] [35]. Cost of materials equalled 45.3% of food and beverage revenue in FY2024 and 50.1% in FY2025 (derived) [35]. Note 36 reports 350 employees (349 a year earlier) and 243 on the permanent payroll in June 2025 (251 in 2024) [1 p.86].

Administrative expenses were BDT 67.5m in FY2025 and BDT 78.2m in FY2024 [1 p.84]. Salaries and allowances in administration fell from BDT 32.5m to BDT 26.7m [1 p.84]. Directors drew no remuneration: the directors' report states that the managing director, chairman and executive director "are not drawing for the remuneration", and directors received BDT 2,500 per board meeting, BDT 87,500 in total for FY2025 [1 p.24] [1 p.25]. Note 37 prints salary and benefits of BDT 91.5m for officials and others in FY2025 (BDT 120.4m in FY2024) [1 p.86].

Finance costs in the income statement were BDT 62.8m in FY2025: interest on loan and overdraft BDT 45.3m, interest on margin loan BDT 5.3m, bank charges BDT 3.3m and interest on lease liability BDT 8.9m [1 p.84]. The term-loan interest on Peninsula Airport Garden is capitalised: the capital work in progress note shows "Bank Interest & Charges" of BDT 255.6m added in FY2025 and BDT 331.6m in total at 30-Jun-2025 [1 p.73]. The auditor's key audit matter on the long-term loan records that it "Evaluated the appropriateness of the capitalization of borrowing costs into the cost of the hotel project" [1 p.52]. Finance income was BDT 8.9m, of which interest on fixed deposit receipts BDT 8.7m [1 p.84].

Non-operating income moved from a loss of BDT 53.9m in FY2024 to income of BDT 58.1m in FY2025 [1 p.85]. In FY2024 the main item was an unrealised loss of BDT 56.4m on tradable securities; in FY2025 the main item was "Reverse/adjustment by BESBL (Negative equity)" of BDT 51.4m [1 p.85]. The margin-loan note shows BRAC EPL Securities Limited at BDT 91.1m on 30-Jun-2024 and nil on 30-Jun-2025 [1 p.80]; the filings do not link the two items. The Q3 FY2026 statement of changes in equity prints the same BDT 51,437,831 as "Adjustement for the Period" in retained earnings in its 9M FY2025 comparative, outside the 9M FY2025 net loss of BDT 47.7m [2 p.4]. The company's EPS explanation states that the non-operating turnaround "was the most significant factor in reducing the overall net loss" [1 p.85].

Tax was BDT 21.1m in FY2025 on profit before tax of BDT 28.1m: current tax BDT 10.2m and deferred tax BDT 10.9m [1 p.57] [1 p.81]. In FY2024 tax was BDT 20.0m on a loss before tax of BDT 103.1m [1 p.57]. Advance income tax stood at BDT 101.3m at 30-Jun-2025 [1 p.75].

Ratios: operating profit covered finance costs 0.41x in FY2025, from 4.76x in FY2019

Margins: gross margin ranged from 24.1% to 41.8% over FY2018-FY2025 and was 26.5% in FY2025 [35]. Operating margin was 22.6% in FY2019 and 22.8% in FY2021, and 5.0% and 7.2% in FY2024 and FY2025 [35]. Finance costs equalled 2.7% of revenue in FY2018 and 17.7% in FY2025 [35].

Coverage: operating profit covered finance costs 2.85x in FY2018 and 4.76x in FY2019; the ratio was below 1.0x in FY2020, FY2022, FY2023, FY2024 and FY2025 (0.57x, 0.68x, 0.67x, 0.28x, 0.41x) [35]. Returns: return on average equity was 2.8% in FY2019 and 0.2% in FY2025 [35]. Equity fell from BDT 3,753.6m (FY2019) to BDT 3,310.8m (FY2025) [5 p.24] [1 p.25].

Payout: cash dividends were 5% (FY2018), 7.5% (FY2019), 10% (FY2020 and FY2021), 2.5% (FY2022), none (FY2023 and FY2024) and 0.50% (FY2025) [5 p.25] [1 p.26]. Derived dividend amounts exceeded net profit in FY2020, FY2021 and FY2022 (payout 1824%, 243% and 128%) [35]. Leverage: borrowings including leases were 0.58x equity at 30-Jun-2024 and 0.76x at 31-Mar-2026 [35].

Peers. The two other hotel companies with published AnalystBro notes are Sea Pearl Beach Resort & Spa Limited and Unique Hotel & Resorts PLC. Sea Pearl describes itself as "a Five Star Resort & Hotel in Bangladesh" whose principal activities "were carrying on Resort & Hotel business", with a water park beside the resort [9 p.103]. Unique Hotel & Resorts states that its principal activities "were carrying out hotel business through a Management Contract" for "The Westin Dhaka", owns "HANSA, A Premium Residence" and has constructed the "Sheraton Dhaka" [10 p.248]. The table uses each company's own audited FY2025 statements (year to 30-Jun-2025), each on its company basis, with each company's printed labels.

Latest periods: a smaller nine-month loss, a third-quarter loss of BDT 15.3m, and FY2026 EPS of BDT -0.19 with no dividend

Nine months to March 2026. Revenue was BDT 290.1m, up 4.9% from BDT 276.6m; administrative and selling expenses fell from BDT 69.9m to BDT 54.3m; operating profit was BDT 36.2m from BDT 6.8m; finance costs were BDT 43.3m from BDT 45.6m [2 p.3] [35]. The net loss was BDT 10.5m (EPS BDT -0.09), from BDT 47.7m (EPS BDT -0.40) [2 p.3]. The third quarter alone (January to March 2026) had revenue of BDT 74.9m, 27.7% below BDT 103.6m a year earlier, and a net loss of BDT 15.3m [2 p.3] [35]. The company's DSE explanation cites "room revenue recovery and occupancy rate of 57.23%" and finance costs that fell "following full settlement of margin loan obligations" [7].

FY2026. The board met on 27-Oct-2026 and the DSE posted the results on 28-Oct-2026: EPS BDT -0.19, NAV per share BDT 27.66 and NOCFPS BDT 0.89 for the year ended 30-Jun-2026, with no dividend recommended [7]. The FY2026 annual report is not in the corpus at 1-Nov-2026 (MISSING FILING); this note uses the DSE figures for FY2026 and labels them. On the posted EPS, the fourth quarter (April to June 2026) shows EPS of BDT -0.10 (derived from rounded figures: -0.19 less -0.09) [7] [35].

Balance sheet and cash: capital work in progress is 48.3% of assets, funded by two term loans with deferrals requested

Total assets were BDT 5,942.4m at 31-Mar-2026: property, plant and equipment BDT 2,545.4m, capital work in progress BDT 2,870.6m, advances, deposits and prepayments BDT 273.5m and cash BDT 108.4m [2 p.2]. Equity was BDT 3,294.4m, including a revaluation surplus of BDT 1,228.4m from a valuation as on 30-Apr-2011, which the board kept for land and land development [2 p.2] [1 p.78]. Retained earnings were negative at BDT -171.6m [2 p.2]. Borrowings including leases were BDT 2,501.6m and net of cash BDT 2,393.2m (derived) [35].

The term loans. Modhumoti Bank PLC sanctioned Tk 10,000 lac in 2023 "to implement a luxurious 5-star Hotel Project in the name of "Peninsula Airport Garden"" over eleven years at 9%-14.87%; the balance was BDT 1,056.7m at 30-Jun-2025 [1 p.79]. The note prints August 2025 as the start of equal monthly instalments and states that "The company applied to the Bank to extend repayment schedule from July 2027 instead of August 2025 due to current financial difficulties of the company. However, the bank is yet to provide approval" [1 p.79]. Premier Bank PLC sanctioned Tk 9,550 lac in 2023 over seven to eight years at 9%-14.87%; the balance was BDT 794.6m, and the company applied to move the first instalment from March 2025 to January 2026, with the bank's approval outstanding [1 p.80]. Security for the Modhumoti loan includes "Personal guarantee of all director(s) of the Company" and "Tagging of already registered mortgage properties of in the name of Sayeman Beach Resort Ltd." [1 p.79].

Two disclosures sit side by side in the notes. The interest-rate profile in note 44 lists fixed-rate financial liabilities of BDT 308.4m and no variable-rate liabilities at 30-Jun-2025 [1 p.91]. The term-loan notes print the interest rate as "9%-14.87% (Revised from time to time as per Bangladesh Bank circular)" [1 p.79] [1 p.80]. The overdraft facility is printed with a working-capital sanction of BDT 297.0m at 14.75% [1 p.81]; the overdraft balance was BDT 308.4m [1 p.80].

Cash flow. Operating cash flow was BDT 36.3m in FY2024 and BDT 40.6m in FY2025; acquisition of property, plant and equipment was BDT 1,401.7m and BDT 465.4m, and long-term loan receipts BDT 1,456.4m and BDT 394.8m [1 p.59]. In 9M FY2026 operating cash flow was BDT 161.7m [2 p.5]. That figure includes a line "Payment made for Administrative, Selling and Distribution Expenses" printed as a positive BDT 67,596,381; the 9M FY2025 figure is a payment of BDT 39,833,300 [2 p.5]. Acquisition of property, plant and equipment was BDT 392.3m, of which capital work in progress BDT 330.5m and advance to supplier BDT 58.5m [2 p.6].

The Q3 FY2026 statements print two versions of the nine-month FY2025 financing figures. The face of the cash flow statement shows short term borrowings of BDT 9,942,999, net financing of BDT 326,736,517 and closing cash of BDT 109,489,733 [2 p.5]. Notes 48.01 and the note summary on the next page show BDT (41,494,833), BDT 275,298,686 and BDT 58,051,900 for the same period [2 p.6].

Receivables and advances. Accounts receivable were BDT 43.2m at 30-Jun-2025, of which BDT 13.0m was due over six months [1 p.74]. The note states that BDT 9,263,807 "were carried forward from previous three years" and that "no bad debt provision has been made against such receivables" [1 p.74]. Advances to suppliers were BDT 198.8m and advance income tax BDT 101.3m [1 p.75].

Audit: an unmodified opinion with three emphasis-of-matter paragraphs, one on the Premier Bank loan deferral

The FY2025 auditor is Hussain Farhad & Co., Chartered Accountants (partner Sarwar Uddin FCA), reporting on 28-Oct-2025 [1 p.55]. The opinion paragraph reads in full: "We have audited the financial statements of THE PENINSULA CHITTAGONG PLC (the Company), which comprise the Statement of Financial Position as at 30 June 2025, the Statement of Profit or loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 30 June 2025 and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and comply with the Companies Act, 1994, the Securities and Exchange Rules, 2020 and other applicable laws and regulations." [1 p.50]

Basis of opinion, in full: "We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion." [1 p.50]

The company's own notes on the emphasis matters read: "Purchase included VAT exempted goods amounting to BDT. 42,313,470 which had also been excluded in the VAT return (Mushak 9.1)" [1 p.74]; on receivables, "The management and Board of Directors are expected to recover the full amount. Hence, no bad debt provision has been made against such receivables" [1 p.74]; and on the Premier Bank loan, "The company applied to the Bank to extend repayment schedule from January 2026 instead of March 2025 due to current financial difficulties of the company. However, the bank is yet to provide approval" [1 p.80]. Note 1.02 states: "The company has now been classified as a Z-category company for not declaring dividends for two consecutive years" [1 p.60]. The directors' declaration states: "There are no significant doubts about the Company's ability to continue as a going Concern" [1 p.25].

For FY2026 the board recommended Hoda Vasi Chowdhury & Co., Chartered Accountants, as statutory auditor [1 p.22] [1 p.28]. Hoda Vasi Chowdhury & Co. signed the FY2025 corporate governance compliance certificate on 10-Nov-2025 [1 p.35]. The corporate information page lists M M Rahman & Co. as "Corporate Governance Code Auditor" for 2026 [1 p.9].

Governance: a family-linked board and category B regained in January 2026

Control and shareholders. Sponsors and directors held 54.29% at 30-Jun-2025 and 56.86% at 31-Aug-2026 and 30-Sep-2026; institutions held 6.75% and the public 36.33% at 30-Sep-2026 [8]. The largest named holder in note 15.02 is Mr. Mustafa Tahseen Arshad with 14,620,032 shares (12.32%), followed by Mrs. Bilkis Arshad (9,137,520; 7.70%), Engineer Mosharraf Hossain (8,903,016; 7.50%) and Mrs. Ayesha Sultana (6,036,344; 5.09%) [1 p.78]. ICB holds 5,296,384 shares (4.46%) and Sayeman Beach Resort Limited 5,000,000 (4.21%) [1 p.78]. Engineer Mosharraf Hossain died on 13-May-2026; his 8,903,016 shares were transmitted to his nominee Mrs. Ayesha Sultana, "a Sponsor Director of the Company", and the DSE posted completion on 27-Sep-2026 [7]. Her holding after the transmission is 14,939,360 shares (derived: 6,036,344 + 8,903,016) [1 p.78] [7].

The directors' report prints two holdings that differ from note 15.02 for 2023-24: Mr. Mahboob-Ur-Rahman 3,545,840 shares (note 15.02: 3,675,840) and Engineer Mosharraf Hossain 88,33,016 shares (note 15.02: 8,903,016) [1 p.27] [1 p.78]. The directors' report pattern of shareholding also lists Gas Min Ltd. with 15,00,000 shares (1.26%), which note 15.02 does not list by name [1 p.27] [1 p.78].

The directors' report attendance table on p.26-27 lists nine names and omits Mr. Mustafa Tahseen Arshad and Mrs. Bilkis Arshad, who appear in note 40 with no attendance [1 p.26] [1 p.27] [1 p.87]. Board fees totalled BDT 87,500 for FY2025: BDT 12,500 each to Mr. Mustafa Tahir Arshad, Mr. Mahboob Ur Rahman, Mrs. Ayesha Sultana, Mr. Darius Rahman and Professor Dr. Sultan Ahmed; BDT 10,000 to Mr. Md. Abul Hossain; BDT 7,500 to Professor Dr. Md. Fashiul Alam; BDT 5,000 to Dr. Sheikh Md Shafiul Azam; BDT 2,500 to Mr. Niranjan Chandra Debnath [1 p.24] [1 p.25]. The DSE posted on 5-Jan-2025 that shareholders appointed Mr. Mahboob Ur Rahman as managing director and Mr. Mustafa Tahir Arshad as chairman with effect from 30-Dec-2024 [7].

Corporate governance compliance. The compliance certificate by Hoda Vasi Chowdhury & Co. states that the company "has complied with the conditions of the Corporate Governance Code ... subject to the remarks and observation as reported in the attached compliance status" [1 p.35]. The Annexure-C status table has no tick in the "Not Complied" column on any page from p.36 to p.47 [1 p.36] [1 p.47]. The conditions with no tick, or marked not applicable, are listed in the next exhibit, with the ticked conditions whose remarks differ from other pages of the report.

Related parties. Note 38 lists Gesmin Limited ("Common Directorship"): revenue of BDT 15,641 in FY2025 (BDT 99,750 in FY2024) and an expense of BDT 473,599 in FY2024; and Sayman Beach Resort ("Common Directorship"): revenue of BDT 29,514 in FY2025 [1 p.86]. Key management personnel compensation was BDT 87,500, all board-meeting fees [1 p.87]. Note 41.03 states: "There was no transaction resulting in Directors' interest with the company and no leasing facilities have been made available to the Directors" [1 p.87].

What's next: the record date on 16-Nov-2026, the AGM on 30-Dec-2026 and the first-quarter accounts

Already announced: FY2026 EPS of BDT -0.19 with no dividend, the record date of 16-Nov-2026 and the 24th AGM on 30-Dec-2026, "Hybrid System in combination of physical and digital presence" [7]. The FY2026 annual report is not in the corpus at 1-Nov-2026. No board date for the Q1 FY2027 statements had been notified on the DSE by 1-Nov-2026 [7]. Two of the seven dated Q1 precedents fall before that date in the calendar (12-Oct and 28-Oct); those dates have passed in 2026 with no notice. The inferred ranges below cover every printed precedent date that falls after 31-Oct-2026.

Bangladesh's LDC graduation date is 24-Nov-2029 [32] [33]. The company's filings do not mention LDC graduation.

Risks: loan deferrals, the cost of finishing the new hotel, and room demand at the operating hotel

The risk table ties an item to an income-statement or balance-sheet line where a filing quote makes the link; elsewhere the column reads "None disclosed". The evidence column gives the printed figures.

Key questions: loan approvals, the FY2026 audit and the new hotel's completion

At BDT 16.6 on 29-Oct-2026 the market value was BDT 1,969.9m [34] [35]. That is 0.60x the 31-Mar-2026 NAV of BDT 27.76 per share [2 p.2] [35]. The DSE-announced FY2026 EPS is negative, and there is no P/E on it [7]. The FY2025 dividend of BDT 0.05 per share was paid in January 2026, and no FY2026 dividend was recommended [7]. These are facts about the price, not a view on it.

FAQ

What does The Peninsula Chittagong PLC own?

One operating four-star hotel at GEC circle, Chattogram, and a second hotel under construction, Peninsula Airport Garden at South Patenga [1 p.23] [1 p.52].

How did FY2025 end in profit with revenue down 15.2%?

Profit before tax of BDT 28.1m included a BDT 51.4m non-operating credit labelled 'Reverse/adjustment by BESBL (Negative equity)'; profit before tax less that credit is BDT -23.3m (derived) [1 p.85] [35].

How much has been spent on Peninsula Airport Garden?

Capital work in progress was BDT 2,540.1m at 30-Jun-2025, including BDT 331.6m of bank interest and charges, and BDT 2,870.6m at 31-Mar-2026 [1 p.73] [2 p.2].

What did the auditor say about FY2025?

An unmodified opinion with three emphasis-of-matter paragraphs (VAT-exempted food purchases, unconfirmed receivables and the Premier Bank loan deferral) and two other matters (Z category and RJSC returns) [1 p.50] [1 p.51].

What are the FY2026 results?

The DSE post of 28-Oct-2026 gives EPS of BDT -0.19, NAV per share of BDT 27.66 and NOCFPS of BDT 0.89, with no dividend; the annual report is not in the corpus at 1-Nov-2026 [7].

When does the fiscal year end, and on what basis are the accounts?

30 June; company accounts with a single business segment [1 p.56] [1 p.87].

Which results does this note use?

The audited FY2025 annual report, five-year tables back to FY2018, the Q1, H1 and Q3 FY2026 statements, and DSE posts to 1-Nov-2026.

Sources

1. The Peninsula Chittagong PLC Annual Report 2024-2025 (year to 30-Jun-2025; company basis, no subsidiaries) · link · accessed 2026-11-02
2. The Peninsula Chittagong PLC unaudited financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-02
3. The Peninsula Chittagong PLC unaudited financial statements, six months to 31-Dec-2025 (H1 FY2026) · link · accessed 2026-11-02
4. The Peninsula Chittagong PLC unaudited financial statements, three months to 30-Sep-2025 (Q1 FY2026) · link · accessed 2026-11-02
5. The Peninsula Chittagong Limited Annual Report 2021-2022 (five-year data FY2018-FY2022) · link · accessed 2026-11-02
6. The Peninsula Chittagong Limited audited financial statements, year to 30-Jun-2022 (capacity note) · link · accessed 2026-11-02
7. Dhaka Stock Exchange news archive, PENINSULA, Oct-2024 to Oct-2026 (results, board meetings, AGM, dividends, category, rating, sponsor shares) · link · accessed 2026-11-02
8. Dhaka Stock Exchange company page, PENINSULA (dividend history, shareholding at 30-Jun-2025, 31-Aug-2026 and 30-Sep-2026, category, last AGM) · link · accessed 2026-11-02
9. Sea Pearl Beach Resort & Spa Limited Annual Report 2024-25 (peer; year to 30-Jun-2025, company basis) · link · accessed 2026-11-02
10. Unique Hotel & Resorts PLC Annual Report 2024-25 (peer; year to 30-Jun-2025, company statements) · link · accessed 2026-11-02
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13. PENINSULA Q1 statements to 30-Sep-2019 (statement signing date precedent) · link · accessed 2026-11-02
14. PENINSULA Q1 statements to 30-Sep-2020 (prints board approval date '27 September 2020') · link · accessed 2026-11-02
15. PENINSULA Q1 statements to 30-Sep-2021 (board date precedent) · link · accessed 2026-11-02
16. PENINSULA price-sensitive information, board meeting of 12-Oct-2023 (Q1 to 30-Sep-2023) · link · accessed 2026-11-02
17. PENINSULA Q1 statements to 30-Sep-2024 (board date precedent) · link · accessed 2026-11-02
18. PENINSULA half-year statements to 31-Dec-2018 (statement signing date precedent) · link · accessed 2026-11-02
19. PENINSULA half-year statements to 31-Dec-2019 (statement date precedent) · link · accessed 2026-11-02
20. PENINSULA half-year statements to 31-Dec-2021 (board date precedent) · link · accessed 2026-11-02
21. PENINSULA price-sensitive information, board meeting of 22-Jan-2024 (half year to 31-Dec-2023) · link · accessed 2026-11-02
22. PENINSULA price-sensitive information, board meeting of 27-Jan-2025 (half year to 31-Dec-2024) · link · accessed 2026-11-02
23. PENINSULA Q3 statements to 31-Mar-2017 (board date precedent) · link · accessed 2026-11-02
24. PENINSULA Q3 statements to 31-Mar-2018 (board date precedent) · link · accessed 2026-11-02
25. PENINSULA Q3 statements to 31-Mar-2019 (board date precedent) · link · accessed 2026-11-02
26. PENINSULA Q3 statements to 31-Mar-2020 (statement date precedent) · link · accessed 2026-11-02
27. PENINSULA Q3 statements to 31-Mar-2021 (board date precedent) · link · accessed 2026-11-02
28. PENINSULA Q3 statements to 31-Mar-2022 (board date precedent) · link · accessed 2026-11-02
29. PENINSULA Q3 statements to 31-Mar-2023 (board date precedent) · link · accessed 2026-11-02
30. PENINSULA Q3 statements to 31-Mar-2024 (board date precedent) · link · accessed 2026-11-02
31. PENINSULA Q3 statements to 31-Mar-2025 (board date precedent) · link · accessed 2026-11-02
32. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (UN General Assembly decision of 29-Oct-2026) · link · accessed 2026-11-02
33. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (UN General Assembly decision of 29-Oct-2026) · link · accessed 2026-11-02
34. AnalystBro price data (TradingView feed): DSE:PENINSULA daily bars to 29-Oct-2026 · link · accessed 2026-11-02
35. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02