Listed 11 firms return to black in Q1

Listed 11 companies have reversed into the black in the first quarter (Q1) of this fiscal year from a year ago, thanks to a recovery in sales.

Out of the companies, eight came from the textile sector, and the other three were from the food, plastic, and tannery sectors.

Net profit for the 11 months ended September stood at Tk 10.11 crore, reversing from a net loss of Tk 34.53 crore posted in the same period a year ago, according to reports recently filed by the companies with the Dhaka Stock Exchange (DSE).

The companies are Prime Textile Spinning Mills, Deshbandhu Polymer, Mozaffar Hossain Spinning Mills, Shepherd Industries, Gemini Sea Food, Golden Harvest Agro Industries, Hamid Fabrics, Desh Garments, Al-Haj Textile Mills, Safko Spinnings Mills, and Apex Tannery Limited.

The sales of their products and services increased in the July-September period of fiscal 2021-22 as compared to the same period last year, according to executives of the companies.

Cuts in bank interest rates were also behind one of the reasons for the increase in profits, they said.

During the period, Prime Textile Spinning’s EPS was Tk 0.14 for July-September of the fiscal year as against negative Tk 0.96 for the same period of the last year. Earnings increased due to an increase in sales quantity and average sales price, it said.

Deshbandhu Polymer, a subsidiary of Deshbandhu Group, posted EPS at Tk 0.14, from Tk 0.28 in negative during the period.

Mozaffar Hossain has posted earnings per share Tk 0.24 for July-September, 2021. Its earnings-per-share loss was Tk 0.42 for the same period of the last year.

Shepherd Industries, which engaged in the manufacture of yarn products such as fancy yarn and auto stripe knitting fabrics posted EPS Tk 0.30 as against negative Tk 0.28 during the period.

Gemini Sea Foods made a profit in the quarter but faced losses in the same period a year earlier.

Shrimp exports had come to a standstill due to the pandemic. The situation had improved slightly but was not rosy yet, said a company executive.

Golden Harvest Agro Industries, the pioneer in Bangladesh’s frozen food business, has consolidated EPS was Tk 0.02 for July-September 2021 as against negative Tk 0.34 for the same period of the last year.

During the period, Hamid Fabrics has posted earnings per share of Tk 0.03, which was Tk 0.38 in negative. The company’s earnings have increased in the quarter for fizzling out the impact of the Covid-19 pandemic, resulting in profitability, said the company.

Desh Garments’s EPS was Tk 0.26 from Tk 0.73 in negative during the period. Likewise, Al-Haj Textile Mills’ EPS was Tk 0.03 from Tk 0.19 in negative, Safko Spinnings’s EPS Tk 0.02 from Tk 2.09 in negative, Apex Tannery’s EPS Tk 0.09 from Tk2.25 in negative during the period.