Paramount Textile has posted a modest drop in the consolidated earnings of its latest July-September quarter amid poor contribution from its associate companies.
The company reported a net earning of Tk19.1 crore or Tk1.07 per share during the first quarter, down by 20.2% in comparison to the same quarter in the previous fiscal year.
Profitability declined due to the business operation closure of its one associate company and an increase in the finance costs, informed the company in its disclosure at the exchange websites.
Consolidated revenue of the company, however, witnessed a steady growth of 32% to reach Tk300 crore for the quarter, which helped offset partial loss of earnings from its associate company, according to the financials uploaded on its website.
Stock price of the company closed at Tk46.2 on Wednesday at the Dhaka Stock Exchange after posting a loss of 2.1% during the trading session reflecting the weak earnings, said a stock broker.
The company, in October, announced a cash dividend of 5% and a stock dividend of 10% on face value for the operation year ending on June 30, 2024.
Currently as on November 30, the sponsors and directors of the company hold 60.95% of its shares, while the institutional investors hold 10.86%, foreign 4.3% and general investors 23.89%.
Paramount Textile was listed with the Dhaka bourse in the year 2013.