Dear Valued Shareholders, Ladies & Gentlemen,
Welcome to all of you to this 16th Annual General Meeting of Queen South
Textile Mills Limited and to have pleasure to present before you the
Audited Financial Statements and the Auditors' and Directors' Report
thereon of the company for the year ended 30 June 2018 for consideration
and approval thereof.
I believe, you all are known about the continuous changing and
competitive environment of global textile market. The effects of "Global
Warming" made significant impact to our major group of clients in
sweater industry. The uncertain climate also makes change of the market
where supplier like our company needs to follow the change closely. Each
and every year buyer's requirement is become more unpredictable, other
than this the total trend of environmental friendly is a must where we need
to improve our skill of dying process and reduce use of difference
chemicals, save in energy and water shall become the core value to offer
to our ultimate buyers. To compete with these challenges, we have to be
very cautious on each and every step of internal control and modernize
our existing production procedure as well as machineries.
By facing all those odds, this year our company has able to make a Net
profit after tax of Tk. 177.17 million, which is 31.23 million higher than last
year. EPS and NAVPS have also been increased by tk. 0.11 and 0.55
respectively from last year. We have made it possible by implementing
effective internal control procedure and reduced cost where possible.
Beside this a portion of our retained profit invested for upgrading
equipment to reduce our energy costs and the same in coming year we
shall upgrading our storage system, where we able to earn a marginal
return. Our management is very concerned on the issue of profitability as
well as the growth of the company.
However, during this year the company has reached to its revenue Taka
3,871.44 million compared with the last year Taka 3,637.39 million and
Net profit generated Taka 177.17 million. It is my pleasure to inform you
that the Board of Directors has recommended 7% cash and 10% stock
dividend (Sponsor and directors is not taking any cash dividend) despite
of marginal profit achieved in comparing with last year. Please also note
that your company is possessing a strong liquidity strength having no
leverage which eventually saving financial cost and creating strong hedge
in any unexpected adversity.
While conducting, I express my gratitude to all the Employees, Workers,
Officials, Shareholder, Stakeholder, Government Agencies, Bank &
Financial Institutions, Customers, Consumers, Suppliers and other service
agencies for performing their respective roles in their best manner, which
collectively contributed to the results for the benefit of all of us and nation.
Thanking you all.
Wong Jammy Kwok Chan