Envoy registers US $ 2.2 million profit in FY 2014-15 Q2

For the quarter October-December 2014, Bangladesh-based Envoy Textiles registered net profit worth US $ 2.2 millioncrore, four times the net profit registered during the same period a year ago. Abdus Salam Murshedy, MD, Envoy attributed the growth to stable business environment that prevailed in the first quarter. “We want to maintain such growth in the second quarter as well,” he added. The company is investing US $ 302 millionto set up a spinning unit, expected to start production in June 2016, in Bhaluka of Mymensingh, to become a vertically integrated garment manufacturer. Meanwhile, the company has entered into an agreement to sell fabric to Prosperity Textile, a denim manufacturer in Guangdong province of China. Prosperity will share its product development R&D with Envoy.