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Dacca Dyeing production partially halted as Titas again suspends gas supply

Staff Correspondent
30 Aug 2023 20:36:28 | Update: 30 Aug 2023 20:36:28
Dacca Dyeing production partially halted as Titas again suspends gas supply

The Dacca Dyeing and Manufacturing Company, a listed textile sector company, said the production of its dyeing unit has been shut since July 26 as the Titas Gas Transmission and Distribution Company (TGTDCL) has temporarily suspended its gas line connection.

The publicly traded company informed its investors of the matter after more than one month of the incident, as per a filing posted with the Dhaka Stock Exchange (DSE) on Wednesday.

Except for the dyeing unit, the production of the company’s other units are running as usual, the DSE disclosure read.

The textile manufacturer, however, did not disclose why the gas line connection in its factory was disconnected by the TGTDCL.

Earlier in October 2020, the company's gas connection had also been cut by the Titas Gas.

The company then got the gas link back after the Appellate Division of the Supreme Court had passed an order in favour of its plea.

The Dacca Dyeing posted a 183 per cent drop in its earnings in the third quarter (January–March) of the fiscal year 2022-23.

Its earnings per share (EPS) stood Tk 0.05 negative for the March quarter of FY23 which was Tk 0.06 in the same period one year ago.

Its net operating cash flow per share (NOCFPS) was Tk 1.34 for July–March period of FY23, against Tk 1.34 for the same period of the year before.

The company’s net asset value (NAV) per share was Tk 34.66 as on March 31, 2023, which was Tk 34.64 as on June 30, 2022.

During the third quarter, the company made significant loss due to the decrease in sales, and an increase in gas and electricity prices.

The company’s share price stood at Tk 13.20 each on the DSE on Wednesday.

Sponsors and directors jointly hold 30.10 per cent of the company's total shares, while institutional investors own 20.29 per cent, general public 49.24 per cent, and foreigners 0.37 per cent.