Bangladesh footwear company chalks up big gains in 2000
Shareholders at this year’s Annual General Meeting of the Bata Shoe Company in Bangladesh heard that the company's turnover increased by 16% year-on-year in 2000 to achieve Tk318 million ($5.5 million).
At the meeting, the Board of Directors declared a 160 per cent dividend for the year, comprising a year-end 50% dividend,
and two interim dividends of 50% and 60% respectively.
Addressing the meeting, vice chairman and managing director Stephen Davies reported that sales volume increased 11% during the year, helping the company to a net profit of Tk192.7 million ($ 3.38 million) - a 34% increase over the previous year’s figure.
Capital expenditure during the year was made on two new injection machines and a new mixing kneader for the production of plastic shoes. The company’s central distribution centre was also expanded by 16,000 square feet, allowing an increase in storage capacity from 300,000 to 500,000 pairs. The largest single expense item was VAT which increased 15 per cent over the preceding year.
