HR Textile profit up 41% as exports rise
Its garment exports were up 70% from July to March in FY21
HR Textile Mills, a 100% export-oriented company, has posted a 41% increase in profit as its earnings from garment exports rose in the July-March period of the fiscal year 2020-21.
It also posted a 116% increase in profit in the January-March period of that fiscal year, according to its latest financial statement.
The company exports knit fabrics and garments. Its target export markets are Canada as well as countries in the European Union and Asia.
Keep updated, follow The Business Standard's Google news channel
In the first nine months of FY21, its exports rose by 16% to Tk202.3 crore from Tk174.74 crore in the same period of the previous year.
In this period, its net profit grew to Tk4.66 crore from Tk3.3 crore in the previous year.
It earned Tk2.55 crore in incentive against its exports, taking its turnover to Tk204.86 crore, which was Tk176.6 crore in the same period of the previous year.
The export incentive was 38% higher as garment exports rose significantly from Tk1.85 crore in the previous year.
In the January-March period, its export earnings rose by 11% while net profit increased by 116%.
In these three months, its exports stood at Tk65.98 crore from Tk59.41 crore while its net profit rose to Tk2.35 crore from Tk1.09 crore in the same period of the previous year.
Knit fabric sales drop, garment sees big jump
From July to March of FY21, the company's exports significantly rose compared to the same period of the previous year.
It saw a 44% drop in knit fabric exports but a 70% increase in garment exports.
According to its financials, from July to March, its earnings from knit fabrics stood at Tk45.42 crore, which were Tk82.29 crore during this period in the previous year.
In nine months of FY21, its export earnings from garments rose to Tk156.88 crore, which were Tk92.44 crore in the same period of the previous year.
HR Textile Mills was listed on the stock exchanges in 1997.
In the 2019-20 fiscal year, the company made a profit of Tk2.81 crore and declared a 10% cash dividend for its shareholders.
