Apex Spinning and Knitting Mills Limited (ASKML), a listed company, has called for articulating and enforcing the improved standards of building safety, worker health and security in the readymade garment (RMG) industry in order to maintain its growth.
"This industry is now at a critical crossroads, as the recent high fatality factory fires and a building collapse have exposed the hazards workers face, and also severely tarnished the industry's image," ASKML chairman Zafar Ahmed said at the company's Annual Report 2013-14
Mr Ahmed, in this connection, also strongly underscored the need for re-gaining image of the country's largest foreign currency earning sector and addressing its supply bottlenecks.
"The time to act is now. Bangladesh must act now to articulate and enforce improved standards for building safety and worker health and security, so that garments industry can continue to grow and other industries can follow its example," the ASKML chairman said.
The company further said that the power problem slightly eased off recently, "but more uninterrupted power supply needs to be ensured throughout the year to run the industries efficiently."
ASKML manufacturers and exports all kinds of textiles knitted garments. Incorporated in 1990 as a public limited company, it was enlisted with the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) in 1994 and 1995 respectively.
On behalf of the company's board, Mr Ahmed further said that Bangladesh at present is delicately poised in view of the anticipated challenges and the emerging possibilities in a fast changing global apparels market. "Let us seize the opportunities by doing the needed homework and by being adequately equipped and ready."
The company's net profit (after tax) during the year ended as of March 31, 2014 was Tk 18.80 million, which was Tk 18.49 million in the previous year, showing no significant difference from last year's net profit, as per the report.
Benefit of the company's additional sales was absorbed by its additional cost, according to the annual report.
During the concluding year, it achieved an export turnover amounting to Tk 2,511.70 million against the last year's turnover worth Tk 2,445.60 million in the previous year.
The increase in turnover is 2.70 per cent over the last year; gross profit earned during the year was Tk 221.20 million as against last year's gross profit of Tk 207.91 million.
Cost of goods sold in the year ended as of March 31 was Tk 2,290 million, which was Tk 2,238 million in the last year. This is due to the fact that there has been an increased in the gross turnover during the concluded year.
During the year, 1,782,218 dozens of garments were produced as against last year's production of 1,564,095 dozens; the increase in production quantity is 218,123 dozens over the last year; production capacity utilized during the year was 89.11 per cent. There was an increase in wages and salaries to the tune of Tk 107.63 million as against last year, noted the report.
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