Paramount Textile profit jumps 121% in March quarter
Paramount Textile Limited, a sister concern of the Paramount Group, posted a 121% year-on-year jump in profit in the January to March quarter of the current fiscal year.
During the quarter, the company's consolidated net profit stood at Tk34.16 crore, which was Tk15.42 crore in the same period of the previous year. Its earnings per share stood at Tk1.94 in the third quarter of 2022-23 fiscal year.
The company, which was established in 2006, makes yarn-dyed fabrics, and more than 85% of its total income comes from the sale of these fabrics.
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But now, the company is entering the renewable energy sector.
Md Robiul Islam, company secretary at Paramount Textile, said amid a global economic crisis, the company has performed unexpectedly due to its business diversification.
In the March quarter, the company's consolidated revenue also grew by 30.92% to Tk224.64 crore, compared to the same quarter of the previous fiscal year.
"The revenue increased because of our enhancement of production capacity and BMRE (Balancing, Modernization, Rehabilitation, and Expansion). Also, income from two power plants was also added to the revenue," Robiul said.
In the July to March period of FY23, the company's revenue stood at Tk645.12 crore, and net profit at Tk68.87 crore.
Of the revenue, Tk591 crore came from yarn & solid dyed fabric, Tk26.48 crore from knit yarn dyeing, and Tk26.94 crore from printing.
The company recommended a 10% cash dividend for FY22.
As of 30 April 2023, sponsors and directors jointly held 60.95% shares of the company, institutions 9.42%, foreign investors 4.38%, and general investors 25.25%.
Paramount Textile's shares are stuck at the floor price of Tk77 each.
