Envoy Textiles sees lower revenue, profit in Jan-Mar
Envoy Textiles Ltd, a publicly listed textile company, has witnessed a decline in its revenue and profit in the January to March quarter of the current fiscal year, compared to the same quarter of the previous fiscal.
In the first three months of 2023, the company's revenue fell 24% to Tk257.83 crore, compared to the same period of the previous year. Its net profit during the quarter fell by 29% to Tk12.53 crore year-on-year.
According to the company's disclosure on the Dhaka Stock Exchange (DSE) website on Wednesday, its net profit dropped mainly because of a decrease in export orders, and currency fluctuation.
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The company declared a 15% cash dividend for the 2021-22 fiscal year. Its earnings per share (EPS) stood at Tk2.99 and net asset value per share at Tk38.21 in FY22.
To secure shareholders' approval of the declared dividend, the company has scheduled its annual general meeting on 26 June 2023.
The record date has been fixed on 31 May.
The company also mentioned in the disclosure that its profit in the October to December quarter of FY23 declined by 49% year-on-year and stood at Tk9.92 crore. Its revenue during that quarter also fell by 19% year-on-year to Tk255.12 crore. In the December quarter, its EPS stood at Tk0.59.
Earlier, in the July to September quarter, the company's EPS had increased by 205% to Tk0.64, from Tk0.21 in FY21.
As of 30 April 2023, sponsors and directors hold 57.93%, institutions 34.81%, and general investors 7.19% shares of the company.
The company's share price closed at Tk44.90 at the DSE on Wednesday.
