In the quarter of January to March Gul Ahmed Textile Mills Ltd of the renowned clothing brands and exporters of various textile products, suffered huge losses of 452 million due to the lockdown in the local and export markets,
According to the financial results, the company made a profit of Rs. 654 million in the quarter of January to March of last year, against the huge losses it reported in recent months. The prevailing condition, however, hit the company’s companies, which eventually forced it to recently layoff its employees..!
Because of the lockdown in line with the Corona outbreak the company is currently witnessing no manufacturing operation at the factories, while its financial capacity has also significantly weakened amid sluggish cash flows,
Recently, the company’s export orders have not been issued which also hit the company’s earnings in addition to the government’s planned refund yet to be received by the apparel producers which eventually crippled its financial position،
As a result of the termination of the production cycle and almost no local and export market earnings, the company was unable to maintain its profitability which is maintained during the first half of the 2020 financial year،
The company’s income declined 77 percent in the nine-month span of FY20 to Rs. 616 million compared to the previous financial year in which it stood at Rs. 2.7 billion,
The company recently retrenched 450 employees because of the financial crisis....
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