Matin Spinning Mills Ltd, a sister concern of DBL Group, has reported around 108 percent growth of its net profit in the first Matin Spinning Mills Ltd, a sister concern of DBL Group, has reported 108 percent growth in its net profit in the first three quarters of the 2019-20 financial year.
According to the unaudited financial statement, which was disclosed on Monday, the company reported a four percent decline in revenue to Tk310.31 crore in the first three quarters of the current fiscal year.
During this period, the net profit of the company was Tk16.49 crore. Its earnings per share was Tk1.69 – which was Tk0.81 in the same period last financial year.
Meanwhile, in the third quarter, January-March, of the current financial year, the total sales of the company stood at Tk100.91 crore, which is three percent higher than that of the previous year.
In this quarter, the net profit was Tk8.60 crore and earnings per share Tk0.88. The company had reported losses in the same period last financial year.
An official of the company, on condition of anonymity, said Matin Spinning Mills' business increased during the January-March period.
"No order of the company was canceled during this period. Besides, the collection of dues from the clients has increased. However, after March, the company experienced a plunge in business due to Covid-19 pandemic. It will affect the business of the last quarter," he said.
In the last financial year, the company made a net profit of Tk1,264.57 crore and paid 42 percent cash and 7 percent stock dividend to its shareholders. The paid-up capital of Matin Spinning Mills is currently Tk97.49 crore.
Sponsors and directors together owned 32.72 percent shares of the company till February 2020. The institutional and general investors owned 55.36 percent and 11.92 percent shares, respectively.
The closing price of the company's each share was Tk33.10 on Tuesday at the Dhaka Stock Exchange. The company's shares hit their highest price of Tk40.50 within the last year.