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Metro Spinning Software Failure Delays Q1 Financials

Industry: RMG & Textile, Yarn & Spinning
Company: Metro Spinning
Company Intelligence Tag: Business Insights

Metro Spinning Limited, a publicly listed yarn manufacturer operating under the Makson Group, has left its shareholders in the dark by failing to disclose its financials for the January-March period 2023. This breach of stock listing regulations stems from software disruptions that have hindered the company’s ability to publish the required quarterly financial data within the stipulated 30-day timeframe. Company Secretary acknowledged the non-compliance issue, attributing it to a software problem that led to the crashing of the system storing income and expenditure records. In its unaudited fiscal 2022–23 first-half financials, Metro Spinning reported a 16% decrease in revenue to Tk44.77 crore and a 15.93% profit growth to Tk6.04 crore. Despite the setback, the company has launched a Tk200 crore investment initiative for expanding production capacity through modernization, rehabilitation, and equipment enhancement.

With the company’s balancing and expansion project, funded by a combination of equity (40%) and debt financing (60%), Metro Spinning aims to bolster its current production capacity. Although the project was initiated in November 2021, recent developments reveal the company’s commencement of the letter of credit process for importing advanced automated capital machinery, comprising 24,000 spindles and featuring cutting-edge technology. An earlier disclosure in November 2021 outlined the comprehensive scope of the endeavor, including factory building reconstruction. Upon completion, the enhanced production capacity will reach 25,000 kg per day and 91,25,000 kg per annum, projecting an annual revenue of approximately Tk300 crore.

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