B Mirror Desk : Far East Knitting & Dyeing Industries, a publicly traded textile firm, has decided to acquire a 318-decimal plot along with a three-storey building in Kaliakair, Gazipur, for Tk20 crore to facilitate business expansion. This decision was made during a board meeting held today (April 21).

As stated in a price-sensitive information (PSI) announcement on the company’s website, the newly acquired land will be utilized for its garment operations. In a prior disclosure on the stock exchange’s website in February, the company indicated that it had secured an 11-month lease for the land, with a monthly rental fee of Tk2 lakh, aimed at enhancing its garment business, which includes manufacturing, printing, dyeing, and knitting.

The acquisition involves purchasing the land and building from the current owners—Munazzama Mustari Tania, Md Rahbar Wahed Khan, and Md Rafsani Wahed Khan, as noted in the PSI.

Financially, Far East Knitting reported approximately an 82% year-on-year increase in revenue for the first half (July-December) of the current fiscal year. The company also returned to profitability during this period, contrasting with a loss experienced in the same timeframe of the previous fiscal year. For the half-year, it recorded revenue of Tk487.05 crore and a profit of Tk15.96 crore, resulting in earnings per share (EPS) of Tk0.73. In the corresponding period of the previous fiscal year, its revenue was Tk267.75 crore, with a loss of Tk4.67 crore.