Notwithstanding gas crisis and the subsequent production losses associated with the same, textile mills in Bangladesh witnessed significant increase in their profits in the second quarter of the fiscal year 2021-22.
Media reports maintained this adding in the October-December period of fiscal year 2021-22, the textile mills posted up to 2,357 per cent year-on-year growth.
This is as per an analysis on the financial statements of the 58 listed textile companies.
Meanwhile, according to the industry people, increase in yarn price was, reportedly, a major reason behind the same, who further added they could make more profit with higher production if there was proper supply of gas.
Managing Director of Shasha Denim, Shams Mahmud, while talking to the media, reportedly, said spinning mills were enjoying high growth in profits mainly due to the surge in yarn prices even as many others from the industry, reportedly, echoed Shams Mahmud and added cotton prices rose 35 per cent in the global market over the last couple of months, which was why they raised the yarn prices.
