Thanks to the fallout of coronavirus pandemic, the profit of Envoy Textiles (a leading textile exporter) has nosedived 76.8 per cent year-on-year to Taka 2.2 crore between July and September.
According to media reports, the sales of the LEED-certified green factory, during the quarter, fell 10.6 per cent to Taka 195.7 crore.
The Company Secretary of Envoy Textiles, M. Saiful Chowdhury, reportedly, maintained that work orders from global retailers were sluggish and prices faltering while also holding cancellation and deferral of work orders and lesser number of working days on account of Eid holidays, as reasons responsible for the lower sales during the quarter.
Not only Bangladesh but the global economy suffered severely because of the pandemic (COVID-19), reportedly, underlined the Managing Director of Envoy Textiles, Abdus Salam Murshedy, but added that there are sufficient work orders for the current quarter while expressing hopes of better earnings and a possibility of returning to better production, November onwards.
Envoy Textiles – the company’s financial year runs from July to June – has held the ongoing coronavirus pandemic responsible for the downturns in its profits during the first quarter of its 2020-21 financial year.
