Bangladesh’s Square Textiles’ profit increases significantly: Reports

Thanks to revenue growth, which outpaced the cost of sales, Square Textiles Limited’s (Square Textiles Limited is a concern of Square Group) profit increased almost six times in the first six months of the financial year.

Media reports maintained this citing the financial statement of the company.

Square Textiles’ overall earnings grew nearly six times to Taka 92.28 crore in the July-December period of 2021-22 from that of Taka 15.54 crore during the same period of the previous year even as the company was able to, reportedly, cut its finance cost significantly.

This is as per the unaudited financial statement made available by the company.

Reports further added several local spinning mills either expanded production capacity or made new investments as apparel orders continued coming into Bangladesh on the back recovery of the global supply chain from the pandemic’s fallouts.