Yeakin Polymer’s losses deepen in Sept quarter
ts revenue also nosedived by 85% year-on-year in Q1
Yeakin Polymer Limited, the manufacturer of polypropylene woven bags that already incurred a loss in the last fiscal year, fell further deep into losses in the July to September quarter of the ongoing fiscal.
In the first quarter of the 2022-23 fiscal year, the company's loss amount stood at Tk2.03 crore, which was Tk1.06 crore in the corresponding quarter of the previous fiscal.
Its revenue also nosedived by 85% year-on-year and stood at Tk46.58 lakh in the September quarter of FY23. The amount was Tk3.06 crore in the same quarter previous year.
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The company said its production and sales dropped owing to the pandemic blow, Russia-Ukraine war, and a shortfall in working capital.
And, because of expensive raw materials, the company failed to meet the break-even point.
In the fiscal 2021-22, Yeakin Polymer turned a loss of Tk4 crore, from a profit of Tk6 lakh in the previous year.
Thus, the company did not pay any dividend for FY22.
Yeakin Polymer started commercial operation in 2003, and got listed on the stock exchanges in 2016.
Its registered office is located at Satkhira in the industrial complex of Yeakin Group in the south-west region of Bangladesh.
