Kathmandu. Nepal’s export industry Reliance Spinning Mills has released its annual financial statements for the last fiscal year. The company had posted a net profit of Rs 1.48 billion in the last fiscal year ÷82.

The company’s profit has increased by Rs 615 million compared to the previous fiscal year. In the fiscal year 2080÷81, the total profit of the industry was Rs 865 million. According to the financial statement released by the company, the company earned a total profit of Rs 1.48 billion in the last fiscal year 2081÷82.

The company has improved significantly in most of the indices last year. According to the financial statement, the business amounted to Rs 10.23 billion in the last fiscal year. In the fiscal year 2080÷81 BS, the country had a turnover of Rs 9.20 billion.

Established in 2054 BS, Reliance Mills is the largest spinning industry in Nepal. The industry produces cotton, polyester, viscose, acrylic and textured yarn. The products of the industry are consumed in Nepal and exported to Countries like India and Turkey. Exports amount to $50 million annually.

The industry, which started with a capacity of 9,000 spindles, has so far been operating with a total installed capacity of 102,824 spindles. The industry has two yarn factories in Khanar and Duhabi of Sunsari, where 4,000 people, including 1,300 women, are employed.

Reliance Spinning Mills, led by young entrepreneur Akshay Golyan, has been able to establish a unique identity in the domestic as well as international markets. The Government of Nepal had honoured Golyan, leader of Spinning Mills, with the ‘Person of the Year’ (CIP) in June last year for his significant contribution to the national economy from the industry and commerce sector. Akshay, who is also the managing director of Golyan Group, has been heading various companies including Spinning Mills.