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Square Textiles Limited, a listed company, declared 30 per cent cash dividend and stock dividend at the rate of one share for every ten share for the year ended December 31, 2004 at its annual general meeting (AGM) Thursday.
The cash and stock dividends were unchanged from levels in 2003.
The company's net profit after tax rose to Tk 198.7 million from Tk 167.9 million in 2003, its annual report said.
The total production of the company increased by 2.16 per cent during 2004 calendar against 1.67 per cent in 2003 although the installed capacity remained static, company officials said.
This was possible due to increase in the operating efficiency that continued its ride to 99.24 per cent in 2004 compared to 97.95 per cent in 2003 said the officials adding that the unit cost of production increased by 16.12 per cent in 2004 calendar due to rise of cost of raw cotton in the international markets by 24.88 per cent.
The exports of the company increased by 17.36 per cent in 2004. The gross profit was Tk 375 million before tax. in the year.
The company has given an amount of Tk 35 million to the national exchequer that was 10.97 per cent of the total value addition during 2004 compared to 8.38 per cent in 2003. It contributed to the foreign exchange reserve an amount worth Tk 725 million in 2004.
The authorised capital of the company is Tk 1.0 billion and the paid up capital is Tk 277.09 million. In 2004 the shareholders' equity was Tk 1,349,456,603 against Tk 1,233,893,925 in 2003.
According to the company report the number of shareholders is 10,605 in 2004 against 10,384 in 2003.
The face value per share was Tk 10 while the shareholders' equity per share was Tk 48.70 in 2004 and it was Tk 44.53 in 2003 year. The earning of each share was Tk 7.17 in 2004 compared to its previous rate at Tk 6.06 per share in 2003.
The net current assets of the company rose to Tk 1,349,456,603 in 2004 from Tk 1,233,893,925 in 2003.
The company has a board of directors including chairman Samson H. Chowdhury, managing director Tapan Chowdhury and directors Anita Chowdhury, Kazi Harunar Rashid, Samuel S. Chowdhury, Anjan Chowdhury, Charles C R Patra, Ratna Patra, Kazi Iqbal Harun and Square Pharmaceuticals Limited represented by the chairman of the board.
In the management team Tapan Chowdhury is the chairman while Anjan Chowdhury, Mostaque Ahmed Siddiqui, Kabir Reza and Alamgir Hossain are the members of the management committee.
Meanwhile, the AGM was presided over by the company chairman Samson H. Chowdhury where managing director Tapan Chowdhury, Samuel S Chowdhury, Anjan Chowdhury, Mostaque Ahmed Siddiqui, Kabir Reza and M Sekander Ali spoke among others.
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