Far East Knitting clocks 40pc higher profit

Far East Knitting & Dyeing Industries Limited posted more than 40 per cent higher profit in the last financial year.  

The textile manufacturer made a profit of Tk 22.74 crore in 2021-22, which was Tk 16.18 crore a year earlier.

The company reported earnings per share of Tk 1.04 for 2021-22, which was Tk 0.74 the previous financial year.

The EPS increased due to a rise in revenue during the period and profit from associate company, said the textile firm in a filing on the Dhaka Stock Exchange (DSE) yesterday.

Net asset value per share was Tk 19.50 in 2021-22 compared to Tk 19.46 in 2020-21.

The net operating cash flow per share rose to Tk 2.17 as against Tk 1.23, on the back of an increase in cash received from customers and other incomes, said Far East Knitting.

The board of directors of the company has recommended a 10 per cent cash dividend for 2021-22

The board of directors has recommended a 10 per cent cash dividend for 2021-22.

Shares of Far East Knitting, however, plummeted 13.04 per cent on the DSE yesterday.

Established in 1994, Far East Knitting has progressed from a small garments manufacturing plant to a composite textile manufacturer.

The company specialises in high-fashion knitted tops and offers a wide range of fabrics. It exports products to the countries such as Korea, Japan, Singapore and Australia, according to its annual report for 2020-21.