Hakkani Pulp & Paper Mills has started trial production of its tissue paper unit as installation of the unit is almost completed.
"Based on the performance of trial production, the date of commercial production will be declared in time," according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Sunday.
Earlier in December 2016, the board of directors of the company revised up the project cost of the unit to nearly Tk 318 million from Tk 225 million due to installation of electric substation and increased cost of civil and foundation works.
"The increased project cost financed by the bank loan," according to the disclosure.
The company also disclosed third quarter (Q3) financial reports on Sunday. In the quarter, earnings per share (EPS) stood at minus Tk 0.74 for January-March quarter of 2018 as against minus Tk 0.55 for January-March quarter of 2017.
In nine months from July 2017 to March 2018, the EPS was minus Tk 1.05 as against minus Tk 0.72 from July 2016 to March 2017.
Each share of the company, which was listed on the Dhaka bourse in 2001, closed at Tk 65 on Sunday, registering an increase of 1.72 per cent over the previous sessions.
The company's paid-up capital is Tk 190 million and authorised capital is Tk 500 million while the total number of securities is 19 million.
The sponsor-directors own 55.52 per cent stake in the company, while the institutional investors 8.32 per cent, and the general public 36.16 per cent as on March 31, 2018, the DSE data shows.
Hakkani Pulp & Paper Mills, a sister concern of Hakkani Group, is one of the pioneer paper manufactures in Bangladesh.
In 2016, the company disbursed 5.0 per cent cash dividend. But, the company declared no dividend for the year ended on June 30, 2017, accordingly, the company was placed in "Z" category.
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