Bangla firms hit by pandemic-induced demand collapse

The profits of several listed apparel firms in Bangladesh dipped in between July and September due to the collapse in demand abroad due to the pandemic. Of the 56 textile and garment companies listed on the Dhaka Stock Exchange, 39 published their first quarterly financial reports. Profits of 15 were lower than that recorded in the same period a year ago.

Nine companies returned to red after making profits in the same period last year. Five extended their struggle to return to profits, according to a report in a top Dhaka-based English-language daily.

In the July-September quarter, the export earnings of the woven sector declined by 5.78 per cent year-on-year to $3.88 billion, data from the Export Promotion Bureau showed.

Of the total earnings from the garment sector, $4.46 billion came from knitwear shipment, which rose 7.04 per cent.

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