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State-owned jute mills show profit after 3 decades
19
May '11
The efforts of the Bangladesh Government to give utmost priority to jute sector seem to have paid off with the jute mills showing profit for the first time since 1982.

The 18 jute mills run by Bangladesh Jute Mills Corporation (BJMC) have reported a total profit of Tk 97.8 million during July-April 2010-11. This is in contrast to the Tk 1.0415 billion loss made by these companies in fiscal 2009-10.

The highest profit among the state-owned jute mills worth Tk 24.6 million was made by Latif Bawani Jute Mill.

The substantial increase in demand for raw jute and jute goods in the local and international markets is the chief reason that made the mills financially viable. The other reason is the 33 percent increase in the prices of jute goods in the international market, owing to its environment-friendly physical condition.

The export of jute goods from Bangladesh increased by a record 54 percent during the first six months of the fiscal year 2010-11 compared to the previous fiscal. During July-April 2010-11, raw jute and jute goods worth US$ 643.40 million have been exported.

Fibre2fashion News Desk - India

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