Far East Knitting posts Tk 36cr profit

Far East Knitting & Dyeing Industries Ltd reported a profit of Tk 35.87 crore for the financial year ending on June 30, 2024, reflecting a 3.7 percent increase year-on-year.

The company also posted earnings per share of Tk 1.64, up from Tk 1.58 in the prior year, according to a disclosure on the Dhaka Stock Exchange (DSE) website. 

Its net operating cash flow per share surged to Tk 6.36, which the company attributed to increased cash inflows from customers.

Far East's board has proposed a 14 percent cash dividend, marking its highest payout in 10 years.

Established in 1994, Far East Knitting has grown from a small garment operation into a major player in Bangladesh's textile sector, serving global brands like Zara and Mango, according to its website.

Its spinning mill in Habiganj produces 100 percent cotton and viscose yarn using advanced machinery from leading manufacturers.

Shares of Far East Knitting soared 10.98 percent to Tk 18.2 yesterday at the DSE.