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State-owned Titas Gas Transmission and Distribution Company reported a 125 per cent year-on-year increase in losses in the third quarter through March of FY24.
It failed to return to profit even after the Bangladesh Energy Regulatory Commission (BERC) had hiked commission to Tk 0.21 from Tk 0.13 per cubic metre.
Titas Gas endured a loss of Tk 1.65 billion for the first time in FY23 after the government narrowed its profit margin.
At the time, it claimed that operating cost had surpassed income in FY23 for the decline in commission to Tk 0.13 from Tk 0.25 per cubic metre and that it would show a better business performance if the government increased the commission to Tk 0.21 per cubic metre.
"But the situation has not improved yet. We are still unable to cover our costs even after the regulator increased the commission," said General Manager (Finance) of Titas Aparna Islam.
Titas Gas has declared earnings per share of Tk 2.14 in the negative for the third quarter of FY24, which was Tk 1.19 in the negative for the same quarter of the year before.
In the first nine months through March of FY24, the company has shown a loss of Tk 1.67 per share.
The gas distribution margin of Tk 0.25 per cubic metre was "significantly high", said Mr Alam, who is serving as senior vice-president of the Consumers Association of Bangladesh.
"I believe the commission of Tk 0.13 was also high. Titas has already begun charging [prepaid] consumers meter rent. Now, the government has increased it [commission] to Tk 0.21, which is unexpected."
The company, which enjoys a monopoly on pipeline gas distribution in Dhaka and Mymensingh, earned a profit of Tk 3.18 billion in FY22.
It had secured good profits in the years until FY23 since its establishment in 1964.
Meanwhile, the stock went down 3 per cent to Tk 22.90 per share on Tuesday.
Titas Gas was listed on the Dhaka and Chattogram bourses in 2008 under direct listing through offloading of 25 per cent shares in the stock market. Currently, Petrobangla holds 75 per cent of the company's shares.