Queen South to invest Tk 4cr in new factory

Queen South Textile Mills is all set to invest Tk 4.2 crore to launch a new fibre dyeing factory, with a view to achieving its target to add Tk 45 lakh more profit to the existing figure.

The publicly traded textile company came up with the disclosure through news filings with the Dhaka bourse recently. According to the disclosure, the new manufacturing unit will scale up the company’s production capacity by five tonnes a day, while its current capacity is 54.5 tonnes a day.

Upon completion of the new project, Queen South expects to gain a Tk 4.5 crore hike in its monthly revenue and Tk 45 lakh in monthly profit.

The company registered a net profit of Tk 11.58 crore - up by 13 per cent from that of the corresponding period in the previous year - for July-March period of the financial year 2020-21.

Queen South has been gaining continuous profit from FY16. It reported the highest profit – Tk 19.88 crore – in FY19.