Paramount Textile shuts down 200MW power plant
The publicly listed Paramount Textile holds a 49% stake in the power plant
Paramount Textile Limited, a subsidiary of Paramount Group, has halted operations of its 200MW power plant following the expiration of its power purchase agreement with the Bangladesh Power Development Board (BPDB).
The publicly listed Paramount Textile holds a 49% stake in the power plant and had invested over Tk100 crore to construct it in Baghabari, Sirajganj. The plant started its operations in February 2019.
In a disclosure made yesterday, the company stated that the power purchase agreement between BPDB and Paramount Btrac Energy has lapsed, and the BPDB has declined to extend the contract. So, the management of the plant made the decision to shut it down.
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Paramount BTrac Energy Limited, a special vehicle company, whose sponsors are Paramount Textile with a holding of 49% and Bangla Trac Limited with 51%. Bangla Trac Ltd acted as the lead and operating member.
According to its annual financial for 2022-23, the company earned Tk45 crore profit from its investment in associate companies. In FY23, its revenue surged to Tk946.38 crore from Tk661 crore, with a net profit after tax reaching Tk135.71 crore, boosted by profits from its associate companies.
Comparatively, the profit in the preceding year stood at Tk76 crore.
In the first half of the current fiscal year, the company witnessed a revenue increase to Tk505 crore from Tk483 crore in the same period of the previous fiscal year. However, despite the revenue growth, there was a decline in profit during July to December of FY24.
According to its half-yearly unaudited report, the profit after tax dropped to Tk52.96 crore from Tk69.14 crore during the same time of the previous fiscal year.
