Queen South Textile's profit drops 77% in Sept quarter

Queen South Textile Mills – a listed manufacturer of sweater dye – witnessed a 77% year-on-year decline in profit in the first (July to September) quarter of the ongoing 2023-24 fiscal year.

During the quarter, its net profit stood at Tk1.07 crore, which was Tk4.73 crore in the same period of the previous year. Its quarterly earnings per share (EPS) stood at Tk0.07 at the end of September 2023, and net asset value per share at Tk15.75.

Queen South Textile Mills Limited is a 100% export-oriented yarn dyeing company located in Dhaka Export Processing Zone in Savar.

It was incorporated in 2003 and started operations in the middle of 2005.

The company produces different types of knitted, dyed, and finished cotton, nylon, polyester, viscose, carded, combed, and acrylic yarn, as a single business segment.

Queen South Textile Mills was listed on the stock exchange in 2018. The company raised Tk15 crore from the stock market for the construction of an automatic warehouse system and modernisation of its factory.

As of 31 October this year, the sponsors and directors jointly hold 53.23%, institutional investors 6.49%, foreign investors 1.58%, and general investors 38.70% shares in Queen South Textile Mills.

At the end of Thursday's trading session, its shares closed at Tk23.30 each at the Dhaka Stock Exchange.