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Al-Haj Textile's factory lay-off period extended

FE Online Report | Published: August 11, 2019 12:15:26 | Updated: August 15, 2019 11:40:42


Al-Haj Textile Ltd has further extended their factory lay-off period for another 15 days until August 23, 2019, said an official disclosure. This is the third time the company has extended its factory lay-off period.

On June 25, the board of directors of the company decided to lay-off the factory for 30 days until July 24, 2019 due to severe fall in volume of sales trigerred by lack of demand in the market and shortage of storage facilities for holding stock of finished goods in the godown and also severe blockage of working capital.

On July 24, the company informed that with no improvement in the sale of manufacturing yarn, the authorities have extended their announced lay-off period for next 15 days until August 08, 2019.

And the company further informed that with no improvement in the sale of manufacturing yarn, the authorities have further extended their announced lay off period for another 15 days until August 23, 2019.

Each share of the company, listed on the Dhaka Stock Exchange in 1983, closed at Tk 63.20 on Thursday last, the last trading day before nine-day Eid vacation.

The textile company disbursed 10 per cent stock dividend for the year ended on June 30, 2018.

The company's nine months earnings per share (EPS) was negative Tk 0.43 for July 2018-March 2019 as against Tk 0.42 for July 2017-March 2018.

The net operating cash flow per share (NOCFPS) was negative Tk 5.34 for July 2018-March 2019 as against negative Tk 2.89 for July 2017-March 2018.

The net asset value (NAV) per share was Tk 10.83 as on March 31, 2019 and Tk 12.38 as on June 30, 2018.

The company noted that during the reporting period, sales reduced, cost increased, overhead increased, production quantity decreased. Due to effect of such operating loss and net loss the EPS, NOCFPS and NAVPS have decreased substantially compared to the corresponding previous year.

The company’s paid-up capital is Tk 222.99 million and authorised capital is Tk 500 million while total number of scurrilities is 22.29 million.

The sponsor-directors own 12.78 per cent stake in the company, while the government owns 0.03 per cent, institutions own 9.43 per cent, and the general public 77.76 per cent as of June 30, 2019, the DSE data shows.

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