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AGM declares 11 pc dividend

1991 - a depressing year for BTC

By Staff Correspondent
Bangladesh Tobacco Com pany (BTC) experienced a depressing year In 1991 as after-tax profit dropped by T7 per cent to Taka 1.16 crore compared to last year.
The company suffered a pre-tax loss of Taka 1.73 crore But the balance sheet of BTC recorded the profit of Tk 1.16 crore after It obtained exemp tlon of tax on the gratuity It had lo pay to 670 surplus workers following the lay-off of Its Chittagong operation.
The facts were disclosed at a press conference on the oc casion of the 19th Annual General Meeting of the Bangladesh Tobacco Company (BTC) held at Sonargaon Hotel Wednesday.
During the year, the company paid a total of Taka 573.92 crore as taxes to the government and declared Taka 3.30 crore as dividend, 11 per cent on the paid up share capital of Tk 30 crore.
For the first time. BTC had to transfer Taka 1.98 crore from Its reserve to pay the dividend. This step was taken to avoid any adverse Impact on the capital market and to maintain the goodwill of the company, officials said.
In 1990. BTC paid Taka 522 crore as taxes and its dividend was Taka three crore.
Addressing the press, the Chairman of BTC M Mujlbul Huq said the pressure on expenses due to Inflation has led to considerable increase in the production cost. The total value of the materials consumed by BTC Increased by 22 per cent and production costs also rose accordingly.
The biggest tobacco factory of the country also witnessed a dismal growth performance, during the year. The overall growth declined by six per cent although the Players Cold Leaf brand experienced a 33 per cent growth. The sale of Gold Leaf brand shot up from 1280 million sticks tn 1990 td 1695 million sticks In 1991.
The company witnessed a positive Improvement In leaf exports The export of leaf Increased by 30 per cent and the Income earned stood at 15 million US dollar
The Managing Director of BTC Malcolm Fry, also addressing the press, said the company needs to Increase productivity and Improve quality. He. however, said BTC does not have the necessary fund at the moment to purchase the equipment needed for these purposes.
The annual report of BTC showed the fixed asset of the ,company at Taka 82.14 crore as against Taka 76.21 crore last year
Current assets stood at Taka 1 10 34 crore as against Taka 109.18 crore last year. Current liabilities were valued at Taka 85 68 crore as against Taka 79.60 crore in 1990
The company's working capital stood at Taka 12.15 crore as against Taka 5.92 crore last year