Dacca Dyeing posts Tk4.09cr profit in Jul-Mar FY21

Home textile and terry towel maker Dacca Dyeing & Manufacturing Company posted Tk4.09 crore profit in the first nine months of the 2020-2021 fiscal year.

The company submitted the reports for the first three quarters of last fiscal year together to both stock exchanges in the country on Monday, even though the deadline for submitting the financial report had already expired.

After a gap of four years, the company on 21 June this year published its annual financials for the 2019-2020 fiscal year and declared a 1% cash dividend

According to the financial statement, the earnings per share (EPS) of the company stood at Tk0.47 in the July-March of FY21.

In the first three quarters of FY20, the firm made a profit of Tk26.14 lakh and its EPS was Tk0.03.

In the third quarter of the just-ended FY21, its EPS stood at Tk0.19, up from Tk0.04 in the same period a year ago.

In July-December of last fiscal, its EPS stood at Tk0.28, which was a loss per share of Tk0.01 in the same time of the previous year.

In the first quarter of FY21, Dacca Dyeing's EPS was Tk0.13, compared to a loss per share of Tk0.02 in the corresponding period of the previous year.

The company was listed on the stock exchanges in 2009. 

BUT, it began to lose money following the gas line disconnection. The annual losses in 2016 and 2017 fiscal years greatly surpassed the 2015 profit.

In 2016, the company posted losses of nearly Tk29 crore, which increased to more than Tk34 crore in the following year.

In October last year, the company won a Supreme Court order to have its disconnected gas lines restored.

As per information on the company's website, Dacca Dyeing and Manufacturing was incorporated in 1963 as a public limited company.

It was nationalised in 1972 and again returned to previous shareholders in 1977.

Saifuddin Quader Chowdhury, a Chattagram-based businessman is the chairman and Giasuddin Quader Chowdhury is the managing director of the company.