Pragati Industries' profit scales up by 24 per cent
The country's lone state-owned automobile assembling plant Pragati Industries Limited's (PIL) net profit scaled up by 24 per cent to Tk 315 million in 2010-11 fiscal year thanks to its business expansion, officials said.
PIL earned net profit of Tk 255 million in 2009-10 fiscal and Tk 166 million in 2008-09 fiscal, they added.
The government's revenue earning also marked rise during the last three fiscals, a senior official of Ministry of Industries (MoI) said.
The revenue stood at Tk 476 million (Tk 47.60 crore) in 2008-09 fiscal, Tk 873.3 million (Tk 87.33 crore) in 2009-10 fiscal and Tk 1412.2 million (Tk 141.22 crore) in the last fiscal year of 2010-11, he added.
"The profit earned by Pragati in last fiscal is the ever highest," Industries Minister Dilip Barua said adding this has become possible due to the government's right decision about its business expansion.
The initiatives to assemble Pajero sport jeep which is the successor of the popular V31 modeled jeep and Sedan car are the mentionable steps, the minister said explaining the PIL expansion plan.
As part of government decision to purchase cars at government level, in 2008-09 fiscal PIL supplied 655 cars, in 2009-10 fiscal 791 cars and finally 2010-11 fiscal the assembling plant has delivered 802 cars of different models to upazila chairmen, upazila executive officers and to other government, semi-government and autonomous institutions, he explained.
Among the vehicles that PIL assembled and supplied, the V31 Mitsubishi Pajero cars were 446, 520 and 554 in 2008-09, 2009-10 and 2010-11 fiscal years respectively, Mr Barua added.
PIL has assembled a total of 30 Pajero sports jeeps and 15 of them were sold to government organisations. Rangs Limited will sell the jeeps to public, he said adding Pragati would start marketing Progati-assembled Sedan cars by 2012.
