After the Bangladesh government declared the closure of six state-run sugar mills, the Renwick Jajneswar & Company (Bd) Ltd- a sugar mill parts supplier is running under losses as its sales have reduced.
Apart from this, the Company’s operations were impacted due to the Covid-19 pandemic.
The company established in 1881 was in profit but is now incurring losses due to bad debts and over-expenditure, said the officials.
According to the media report, the company used to earn around Tk15 crore per year by the works of repair and manufacturing the parts for the sugar mills but since the closure of six mills, its income has gone down drastically. The Company’s income in 2019-20 was more than Tk13 crore but it went down to Tk6 crore in the next year.
Al-Wadud Amin, managing director (MD) of the company said, “We were in profit earlier but have been incurring losses due to the bad debts worth Tk3 crore, fund crisis and the non-payment of the arrears by the government.”
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