Rings Shine Textile declares no dividend for FY21, FY22
Ring Shine Textile, a listed firm on the stock market has decided not to pay any dividend to its shareholders for the last two fiscal years as it has been incurring losses in FY2020-21 and FY2021-22.
Owing to the Covid-19 pandemic, the company's foreign orders significantly fell and its operation was closed for more than one year till mid of 2021. Now, its production is running partially.
According to a disclosure, Ring Shine Textile reported a loss per share of Tk1.54 in 2021-22 fiscal.
Keep updated, follow The Business Standard's Google news channel
The loss per share in 2020-21 fiscal was Tk1.75.
The company said, due to the economic downturn and business impact from the global pandemic, there were insufficient orders with production running at a loss.
The annual general meeting (AGM) will be held on 20 June 2023 through a digital platform and the record date has been fixed on 10 May.
Ring Shine Textile has also recommended no dividend for its shareholders for 2020-21 fiscal owing to losses.
The loss per share stood at Tk1.75 in 2019-20 fiscal, it was a profitable entity, and its earnings per share (EPS) was Tk0.29.
Reasons for significant deviation in EPS: the company said, during the global Covid pandemic outbreak, the factory was in layoff from 15 April 2020 to 12 June 2021 due to insufficient orders.
