Fire causes Tk1.5cr in damage at Mozaffar Hossain Spinning Mill facility

A fire incident at the Rupganj facility of Mozaffar Hossain Spinning Mills Ltd in Narayanganj on Friday evening caused damages worth Tk1.5 crore.

The company informed shareholders that the fire came under control in two hours.

The incident happened in the company's Rotor Unit's blow room mixing section at 9.00 pm on Friday. The fire damaged its raw cotton process area along with some process machine.

Own fire safety team began the initial firefighting as soon as they recognised the incident and also the local fire service team reached at the spot immediately, which helped in controlling the fire within two hours, informed the company.

Mozaffar Hossain Spinning Mills was listed in the stock market in 2014 and it began to incur losses after 2018.

In the first quarter of this fiscal year the company posted Tk0.42 in losses per share but in the second or October-December quarter it sold nearly double yarns compared to the July-September quarter.

The increased sales helped the company return to profits in the second quarter.

However, the meagre Tk0.03 quarterly earnings per share failed to offset the losses it incurred over the first quarter. But profitability improved compared to the same periods a year ago.

Over the July-December quarter its losses per share stood at Tk0.39, while the loss over the same six months a year ago was Tk0.61.

At the end of last December, Mozaffar Hossain Spinning's net asset value per share stood at Tk13.61.  

The company was giving some stock dividends each year until the 2018-19 fiscal. In the 2019-20 fiscal it came up with 1% cash dividends for shareholders.

On Sunday, Mozaffar Hossain Spinning shares closed at Tk14.5 each, 2% down from the previous close.