On June 5, Greenply Industries shares slipped marginally as the company’s board members permitted the disposal of assets in its Myanmar subsidiary.

At May 30 meeting held, the Greenply Industries board approved the sale of assets of Greenply Industries of Myanmar Private Limited, a subsidiary of Greenply Alkemal grounded in Singapore amid difficulty in continuous operation on the back of political developments, which resulted in the adverse business environment in Myanmar.

Greenply Alkemal (Singapore) Private Limited is a Joint venture between the firm’s subsidiary Greenply Holdings Private Limited and Alkemal Singapore Private Limited.

This resulted in a loss from the joint venture of Rs 20.75 crore during the year. Therefore, the management assessed and recognised an impairment loss of Rs 16.389 crore during the year ended March 31, 2023, in the books of Greenply Industries.

In Q4FY23, the company’s net profit sank 61.8% to Rs 11.07 crore from Rs 28.97 crore YoY. The company’s revenue was Rs 469.16 crore, besides Rs 448.55 crore YoY. EBITDA stood at Rs 56.87 crore, which rose 19.37% from Rs 47.64 crore YoY.

The board members suggested a dividend of Rs 0.50 per equity share of Re 1 each.

At 9:43 am, Greenply Industries traded at Rs 164.45, down Rs 0.95, or 0.57% on the BSE.