Far East Knitting’s profit jumps 52% on lower costs

Far East Knitting & Dyeing Industries Ltd reported a 51.92 percent year-on-year increase in profit in 2022-2023 thanks to a decline in the cost of goods sold and an increase in incomes.

It came as the board of directors of the textile manufacturer approved the revised audited financial statements for the year that ended on June 30.

Far East Knitting made a profit of Tk 34.56 crore in FY23, against Tk 22.75 crore a year ago, according to the revised statements.

The earnings per share rose to Tk 1.58 in the last financial year from Tk 1.04 in 2021-22.

"The revised EPS increased due to a decrease in the cost of goods sold and an increase in other incomes," said the textile company in a filing on the Dhaka Stock Exchange.

The net operating cash flow per share slipped to Tk 1.43 from Tk 2.19, due to a fall in cash received from customers and a spike in operating expenses, the filing said.

Shares of Far East Knitting closed unchanged at Tk 17.20 on the DSE yesterday.