Prime Textile’s earnings plunge, offers 1% dividend

The Board of Directors of Prime Textile Spinning Mills Limited has recommended one percent cash dividend for the 2019-20 fiscal year. 

An annual general meeting of the company is scheduled to take place on December 30. 

The company also reported negative earnings per sharing (EPS) of Tk 2.67 and net asset value (NAV) per share of Tk 67.27 for 2019-20 FY, against Tk 0.54 and Tk 48.43 respectively for the same period of last fiscal year. 

It also declared a negative net operating cash flow per share (NOCFPS) of Tk 7.71 against and Tk 2.93 in last FY.

Due to the Covid-19 pandemic, the mill of Prime Textile remained close for around 2 months. The company said that the decrease in sales and production volume, alongside with increasing cost of goods are reasons behind its earnings getting plunged. 

Following the corporate declaration, there will be no price limit on the trading of the shares of the company. However, the floor price set by the Bangladesh Securities Exchange Commission (BSEC) will be applicable accordingly.