Ring Shine Textiles’ Losses Deepen In Q2 Amid Mounting Financial Struggles1 min read
Ring Shine Textiles continues to grapple with financial turmoil as its losses widened further in the October December quarter of 2024. The company’s earnings per share (EPS) fell deeper into the negative, standing at Tk 0.71 for the quarter, compared to Tk 0.55 in the same period the previous year stated in a report.
The decline extended over the six-month period from July to December, with EPS dropping to Tk 1.50 in the negative, down from Tk 1.41 in the corresponding period of 2023.
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Operational cash flow also took a significant hit, reflecting increasing financial strain. The company’s net operating cash flow per share deteriorated to Tk 0.90 in the negative for the July December period, a sharp decline from Tk 0.36 in the negative recorded a year earlier. This indicates a higher rate of cash outflows from operations, exacerbating liquidity concerns.
Adding to its financial woes, the net asset value per share dropped further, reaching Tk 9.50 in the negative as of December 31, 2024, compared to Tk 8.03 in the negative at the end of June 2024.
Once a key player in the textile sector, the company has been struggling for years amid growing losses and liquidity challenges. With operations weakening and financial uncertainty looming, the road to recovery remains uncertain.
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