After Bata Shoe (Bangladesh) Limited, now it is the turn of Apex Footwear to count losses suffered on account of COVID-19.
According to media reports, the net profits of the company (Apex Footwear) witnessed a significant fall of 48.49 per cent in the immediate past fiscal year that ended on 30 June 2020 with its sales taking massive hits in domestic and export markets.
Apex Footwear made net profits of Taka 6.32 crore in FY 20 compared to Taka 12.27 crore in FY19 thereby registering a fall of 48.49 per cent, as per the company’s financial statement for the fiscal year 2019-20, stated the media reports.
Thanks to COVID-19, which led the Government to declare a countrywide shutdown to prevent the spread of the pandemic, sales of Apex Footwear took a major hit this Eid-ul-Fitr, the main season for sales in the country.
Consequent to country going through a shutdown to stop the spread of coronavirus, the company’s earnings took a big hit as sales fell significantly during the April-June period this year, underlined Company Secretary of Apex Footwear, Md. Omar Faruque, while speaking to the media.
Besides, exports of footwear and leather goods also declined due to supply chain disruption.
It may be mentioned here that earlier Bata Shoe (Bangladesh) Limited suffered a staggering 85 per cent year-on-year drop in revenue in the second quarter of this year due to COVID-19.