KDS Accessories' revenue drops

Apparel trims and packaging products maker KDS Accessories said its revenue dropped in the financial year 2022-23 owing to decline in demand from garment exporters, the main consumers of its products.

KDS Accessories' sales fell 12.6 percent year-on-year to Tk 279 crore in the financial year 2022-23 from Tk 319.9 crore the previous year.

"Demand for garment has fallen in the international market and our revenue depends on this export-oriented sector as we make packaging products for apparel," said Mohammad Ilias, company secretary of KDS Accessories.

The backward linkage factory of the garment industry recorded Tk 15.3 crore in net profit during July-June period of 2022-23. The amount was 7.5 percent lower than the previous year, according to a disclosure.

As such, it recommended 10 percent cash dividend for its shareholders, which is lower than the previous year. KDS Accessories provided 16 percent cash dividend for the financial year 2021-22.

The company said its net operating cash flow dropped significantly.