A 71.8 per cent growth in share price has been posted by Metro Spinning Limited in 18 trading sessions till May 12, which was the last session before the Eid-ul-Fitr holidays.
The share price of the company rose to Tk 13.4 each on the day, which was Tk 7.8 on April 18.
But, the price of the shares declined by 1.5 per cent to Tk 13.12 on May 16.
The Dhaka Stock Exchange on May 12 sent a query letter to the company, seeking an explanation for the unusual price hike.
However, the company replied that there was no undisclosed price sensitive information behind this price hike.
In line with the company’s financial statements in the first half of the current fiscal year, the revenue of the company fell 10.39 per cent to Tk 36.05 crore, which was Tk 40.23 crore in the same time of the previous fiscal.
The net profit after tax increased around 7 times, compared to the same period in the previous year.
During the July-March period of the current fiscal year, its net profit stood at Tk 1.24 crore and earnings per share Tk 0.20, which was Tk 18.33 lakh and Tk 0.03 respectively in the same period previous year.
In the previous fiscal year, the company made a profit of Tk 47 lakh and recommended a 2 per cent cash dividend for its shareholders.
Before the pandemic, in fiscal 2018-2019, it made a profit of Tk 1.29 crore and paid a 2 per cent cash dividend to its shareholders.
A member of the Maksons Group, Metro Spinning Limited, was established in 1993 and got listed on the stock exchanges in 2002.
It produces yarn for both the local garments industry as well as the export market.